Trading position (short-term; our opinion): No positions are justified from the risk/reward perspective.
On Wednesday, crude oil moved a bit higher once again, which approached the commodity to the last week’s highs. Will oil bulls be strong enough to trigger further improvement in the following days?
Let's examine the chart below (charts courtesy of http://stockcharts.com).
Today’s alert is going to be very brief, because although crude oil increased a bit, the commodity didn’t do anything new. Yesterda, black gold moved to the Friday’s high, but there was no breakout above it, which means that light crude is still trading inside the blue rising wedge and there are no bullish implications so far.
Consequently, the comments that we made yesterday 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:
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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