Trading position (short-term; our opinion; levels for crude oil's continuous futures contract): No positions are justified from the risk-reward perspective.

Once again, very little changed in the crude oil technical picture, and once again we have very little to report to you. This might be disappointing, but please note that it's also our job not to take you to unnecessary trades when the risk to reward ratio is not good enough to open any trades - and that's where we are right now.

Crude oil is trading not only between the two important Fibonacci retracements: the 38.2% and 50% ones, but also between the most recent intraday high and intraday low.

The best thing we can do in this situation, is to wait for a breakout or a breakdown in either direction, and then assess whether it was already confirmed and whether signs from other markets confirm this direction. Moreover, we can monitor the signals coming from the indicators, and many other techniques.

At this time, they are all inconclusive, and until we see a decisive move in either direction, it won't make sense to get into any position.

Summing up, we might get an opportunity to enter long, or short positions very soon, and increase our 2020 profits, but such opportunity remains absent at this time.

Trading position (short-term; our opinion; levels for crude oil's continuous futures contract): No positions are justified from the risk-reward perspective.

Thank you.

Nadia Simmons
Day Trading and Oil Trading Strategist
Przemyslaw Radomski, CFA
Editor-in-chief, Gold & Silver Fund Manager