September crude oil, further correction:
1. Continued daily closes above $100.55 (previous report incorrectly indicated $100.05) in September crude will indicate new long entry for a multi-day tradable advance and test/attempt at $103.12/$14 (or higher) into next week (the week of Aug. 4). Today’s (Tuesday, July 29) September crude oil tested and closed above $100.55 (today’s daily close, $101.04).
2. Initial long position exit should be taken at/near $102.10, further exit at/near $102.60, and final long position exit at/near $103.10. Aggressive can continue to hold a small remaining position for the possibility of higher prices and a trend following exit.
3. A protective sell stop should be placed at $99.90. This stop will be moved higher as the market continues to confirm. Will update.