Trading position (short-term; our opinion): No positions are justified from the risk/reward perspective.
Yesterday's session created a doji candlestick on the daily chart. What does it mean for oil bulls and bears?
Let's examine the chart below (charts courtesy of http://stockcharts.com).
Today’s alert is once again going to be very brief, because crude oil didn’t do anything that would change the outlook on Thursday and the same applies to today’s session so far.
The only thing that crude oil did yesterday is that it moved initially higher but reversed and cancelled all gains and finally closed the day at the same level as on Wednesday. Thanks to this price action, light crude created a doji candlestick on the daily chart, which emphasizes investors' uncertainty about the direction of the next move.
Taking all the above into account, we believe that our Wednesday’s commentary remains up-to-date also today and if you haven’t had the chance to read it, 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
