This is just a quite note to let you know that yesterday’s move higher in crude oil doesn’t invalidate the bearish outlook as there was no move above the long-term rising resistance line. The breakdown below it was not invalidated and consequently the outlook remains bearish.
We will have more to say in Tuesday’s alert (we might be able to post it on Monday, though).
Thank you.
Nadia Simmons
Forex & Oil Trading Strategist
Przemyslaw Radomski, CFA
Founder, Editor-in-chief
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