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 still not in the position to write the regular issue in full today. However, she is keeping an eye on market developments, and has sent in the following summary:

Yesterday's price action wasn't any serious attempt to close the Wednesday's gap which continues to support the bears. Oil prices have broken below the blue consolidation and are pushing even lower earlier today to trade in the vicinity of the 38.2% Fibonacci retracement still inside the rising green trend channel. The volume and degree of bearishness of today's trading will provide an important clue as to the oil outlook for the upcoming week.

Thank you.

Nadia Simmons
Forex & Oil Trading Strategist