Trading position (short-term; our opinion): Long positions (with a stop-loss order at $42.95 and initial upside target at $50) are currently justified from the risk/reward perspective.
On Thursday, crude oil extended gains as the bullish EIA weekly report continued to weigh on investors’ sentiment. As a result, light crude gained 2.16% and closed the day above $46. Where will the commodity head next?
Today’s alert is going to be quite short, because crude oil extended gains after yesterday’s market’s open and climbed above $46 for the first time since Sep 12. Additionally, buy signals generated by the indicators remain in place, supporting oil bills and higher prices of the commodity. Therefore, we believe that the comments that we made yesterday remain up-to-date also today and if you haven’t had the chance to read our Thursday’s alert, we encourage you to do so today.
As always, we’ll keep you - our subscribers - informed should anything change.
Thank you.
Nadia Simmons
Forex & Oil Trading Strategist
Przemyslaw Radomski, CFA
Founder, Editor-in-chief, Gold & Silver Fund Manager
Gold & Silver Trading Alerts
Forex Trading Alerts
Oil Investment Updates
Oil Trading Alerts
