- Short Term Trends are bearish.
- Confirmation of a top with a range violation on 05/03/12 @ 104.38. Confirmation of a top with a close on 05/03/12 @ 102.54. Downside Target = 100.44 – 93.98 – 89.97.
- New contract lows made on Thursday @ 89.28. Intermediate Downside Target over 100% achieved.
- July WTI Crude broke through the $90 threshold on Wednesday as it stopped just a few ticks shy of breaking the November lows @ 89.17 before rallying after the pit-session up near the day’s mid-range.
- WTI has now lost more than $17 in the past three weeks and although the Intermediate Term downside objective has now been achieved, with all current trends still very bearish, this market may continue lower towards the major-term support @ 81.40.
- Projected Daily Range: 2.25
- Projected Weekly Range: 5.63
- Projected Monthly Range: 9.25