Trading position (short-term; our opinion): Short positions (with a stop-loss order at $54 and the initial downside target at $45.80) are justified from the risk/reward perspective.

On Monday, crude oil wavered between small gains and losses, but finally closed the day under $52. Where will the commodity head next?

Today’s alert is going to be quite short, because crude oil didn’t do anything that would change the outlook yesterday and the same applies to today’s session so far. Therefore, the comments that we made on Monday remain up-to-date also today and if you haven’t had the chance to read our yesterday’s alert, we encourage you to do so today.

We will provide you with a bigger update once we we see more interesting developments on the crude oil market.

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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