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:

The oil bulls haven't managed to close the Wednesday's gap and it continues to support the bears. While prices declined yesterday, the bulls were again strong enough to step in and erase a part of their earlier losses before the closing bell. However, they don't appear that strong today, and black gold trades at around $55.15, which is below yesterday's lows. It means the bears are attempting a breakdown below the lower border of the rising green trend channel. The daily indicators are still on their sell signals, supporting the downside move. No position is justified from the risk-reward point of view.

Thank you.

Nadia Simmons
Forex & Oil Trading Strategist