1. Our Tuesday, June 3 July crude update indicated new long entry at/near $102.60/$.50 based upon the forecast Monday, June 2 (+/-1 day) daily market bottom.
2. Today’s (Wed., June 3) session bottomed at $102.69, not quite close enough to trigger official new long entry.
3. However, self-directed longs based upon the above should have exited a portion of their position at $103.00, noted in the original Tuesday, June 3 update. A further portion should be exited at current prices (current price $103.40).
4. An initial protective sell stop should be placed at $102.60. This stop will be moved higher as the market continues to confirm.
July crude oil:
1. Today’s July crude oil session hit our protective sell stop at $102.60 after completing two long profit exits at $103.00 and $103.40 noted in previous updates.
2. Continued daily closes above $102.60 are the stronger position and may prompt further long entry. Will update.
1. In recent Williams edge live meetings it was noted that Monday, June 2 (+/-1 day) was the next important daily market bottom iin July crude.
2. Today’s (Tuesday, June 3) session tested and closed the session above $102.30 which is the earliest confirmation of the bottom.
3. Therefore, $102.60/$102.50 is now buying territory in July crude, if touched.
4. At/near $103.00 is initial long position exit. Higher price targets will be messaged in the subsequent update once the market confirms the above.
5. Once long, place a protective sell stop at $102.05. This stop will be moved higher as the market continues to confirm.