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

On Friday, crude oil moved higher a bit as Thursday’s EIA weekly report on crude oil inventories continued to support the price. Despite this action, the black gold is still trading under the December and January highs. What can we expect in the coming week?

Today’s alert is going to be very brief, because crude oil didn’t do anything new. It moved higher a bit, but there was no breakout above December 2015 or January 2016 highs. This is a repeat of what we already saw in recent weeks and there are no bullish implications of this move.

Consequently, the comments that we made on Friday, remain up-to-date also today and if you haven’t had the chance to read our previous 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

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