Trading position (short-term; our opinion): No position is justified from the risk/reward perspective.

Today's message about the Oil Trading Alerts is going to be short as Nadia Simmons is not in the position to write the regular issue in full today. Still, she is keeping an eye on market developments, and has sent in the following summary:

The Wednesday's gap remains open also after yesterday's action. The short-term situation hasn't changed much as prices continue to trade inside the blue consolidation. Despite the bearish open to today's session, only prices breaking out of this sideways trend either way can usher in a tradable move. For now, remaining on the sidelines is the best course of action from the risk-reward point of view.

Thank you.

Nadia Simmons
Forex & Oil Trading Strategist