Trading position (short-term; our opinion): No positions are justified from the risk/reward perspective.

On Monday, light crude moved higher once again after Russian Energy Minister Alexander Novak said that Russian crude oil output would remain flat in 2017. Thanks to this news, the commodity came back above the barrier of $40, invalidating earlier breakdown. Will we see further rally in the coming days?

Today’s alert is going to be quite short as crude oil moved higher (as we had expected yesterday) and came back above the barrier of $40, which suggests that our upside targets from yesterday’s alert will be in play later in the day. Therefore, if you haven’t had the chance to read our previous Oil Trading Alert, we encourage you to do so today:

Oil Trading Alert: Will Barrier of $40 Stop Oil Bulls?

We will keep you – our subscribers – informed should anything change.

Thank you.

Nadia Simmons
Forex & Oil Trading Strategist
Przemyslaw Radomski, CFA
Founder, Editor-in-chief

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