Chart of the Day
Crude (JUN)
The market is bullish Crude since it broke out above 65.00. While we saw a few attempts before it did finally broke. This morning Crude is trading at 65.70 which was our next upside target. Crude gives a next upside target of 67.30 but it is now trading near its projected high. We have not been long Crude but tried a few times to short it. The reason is that it’s overdue a correction and we still have a lower target of around 61 that has not been tested yet. Enough reason to stay cautious. We suggested this morning to short Crude again below 64.90 with a buy stop at 65.70. Since that signal went out Crude tested 65.70 and that becomes the resistance for any short position. Nat Gas (JUN) not shown as a chart is also near a projected high and here, we want to go short below 2.86 with a tight buy stop at 2.94.
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