Available to premium subscribers only.

• Read more

According to our previous expectations and in tune with our current trading position, we've witnessed a decline in today's pre-market crude oil trading. However, this doesn’t mean that there are no changes in crude oil’s chart whatsoever.

Conversely, according to today’s decline, the price of crude oil topped on October 20^th. Why would this be important? Because this top was slightly above the September 18^th top, and at the same time, the early-October bottom was somewhat above the early-September bottom.

We are aware that the above may sound perplexing, but please take another look at the chart above. We connected these price extremes with the black lines. These lines create a zigzag pattern as of the classic ways for any market to correct its preceding move before it resumes it. The preceding move was downward – the decline that started in late August and ended in early September.

Since what we saw was one of the popular corrective patterns, the odds are that the correction is already over. In other words, instead of consolidating further, the price of black gold can finally move lower once again.

To summarize, for the upcoming weeks, the outlook for crude oil stays bearish, and the most recent upswing did not change that at all.

Today's premium Oil Trading Alert includes details of our profitable trading position, which became such as soon as we entered it. Interested in more exclusive updates? Join our premium Oil Trading Alerts newsletter and read all the details today.

Thank you.

Nadia Simmons

Oil Trading Strategist

Przemyslaw Radomski, CFA

Editor-in-chief, Gold & Silver Fund Manager

• Read more

Available to premium subscribers only.

• Read more

Available to premium subscribers only.

• Read more

Available to premium subscribers only.

• Read more