Trading position (short-term; our opinion): Short positions (with a stop-loss order at $35.63 and a price target at $25.63) are justified from the risk/reward perspective.

Today’s alert is once again going to be very brief, because crude oil didn’t do anything that would change the outlook on Friday and the same applies to today’s session so far.

The only thing that crude oil did on Friday is that it moved initially higher but reversed and cancelled all gains and finally closed 0.73% lower. Such daily reversal is a bearish sign, but the outlook was bearish anyway, so nothing really changed.

Consequently, the comments that we made on Thursday 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 - most likely tomorrow.

Thank you.

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

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