This is just a quick message to let you know that the outlook described in yesterday’s alert remains up-to-date. Crude oil moved higher yesterday, but it didn’t rally above the declining red resistance line (the one based on November local tops) so the trend remains down. This means that our decision to exit the short positions at lower prices was a correct one.

The downtrend will likely resume sometime next week, but at this time it’s hard to tell when exactly will that take place. We will very likely re-open short positions shortly, but in order to keep the risk in check, we’ll wait for additional bearish confirmations.

Thank you.

Nadia Simmons
Forex & Oil Trading Strategist
Przemyslaw Radomski, CFA
Founder, Editor-in-chief

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