Monday trade. I have 3 long Aug I held through the weekend against my better judgment. My last fishing line catch at 76.00 has me a bit worried. I had expected to get stopped out Friday but since it didn't happen, everything is lined up to hit the critical 76.97 resistance and then have a setback. I have a deposit order sitting at 76.80 and damage control sitting at 75.60. The other 2 positions are keepers until damage control @ 74.45 is hit. Adjustments will be made as time progresses.

The first $5 move up is complete. A retracement back to test the 74.00-74.50 area may need to happen but doesn't have to happen. 75.00 may be all the retracement we get. I would guess there are a lot of shorts to be stop runner fuel if the buy signal is triggered with a daily close above 77.00. A successful buy signal reversal will add another $5 to the upside to challenge the 81-82 area where a sell signal was triggered on June 3rd. Shamefully I ignored that sell signal except for fishing line catches. I will not ignore a buy signal triggered on a daily close above 77.00.