CRUDE OIL UPDATE (2:30 pm EST)
Crude oil seems to be rebounding from last night's low of $63.59 and is closing the day around $65.80 (July contract chart). This is a bullish sign. We entered the current reversal zone for crude (June 15 - 26) on Friday so Sunday's low could be the final medium-term cycle low. There is still time for it to go lower (through Tuesday next week), however, so we will still keep a close eye on our stop loss point which we can now move down to $63.59. Holding my long position in crude.
Crude oil seems to be rebounding from last night's low of $63.59 and is closing the day around $65.80 (July contract chart). This is a bullish sign. We entered the current reversal zone for crude (June 15 - 26) on Friday so Sunday's low could be the final medium-term cycle low. There is still time for it to go lower (through Tuesday next week), however, so we will still keep a close eye on our stop loss point which we can now move down to $63.59. Holding my long position in crude.
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