1. Dec. crude remains inside our forecast longer-term decline. However, short-term, a tradable multi-day advance and test/attempt at $79-$79.50 into next week (week of Nov. 10) remains possible.
2. Any new entry based upon the above will be messaged in tomorrow’s/Monday’s (Nov. 10) session if the market confirms. Will update.
Dec. crude oil:
1. In yesterday’s (Thurs., Nov. 6) Dec. crude oil report it was noted that crude oil (then trading at approximately $77.83) would likely advance and test $79/$79.50 into early next week.
2. Today’s (Fri., Nov. 7) session quickly advanced and completed the $79/$79.50 upside target (today’s session high, $79.25, so far).
3. Today’s upside price completion at $79/$79.50 does not negate the further advance into next week noted in the original update. Therefore, new long entry may be messaged later today/Mon. Nov. 10 for further test/attempt at the original target and possibly higher. Will update.