Trading position (short-term; our opinion): Short positions with a stop-loss order at $65.23 are justified from the risk/reward perspective.

Today’s alert is going to be very brief, as the situation is developing precisely in tune with our expectations and basically, there’s not much that we can add to markets’ performance - yesterday’s price action served as a big confirmation of our previous analysis.

The crude oil price could pause here or very soon (as it’s right after a sharp daily downswing), but we don’t think that this action will be anything more than a pause. Consequently, we think that the (profitable) short position that we described previously should be kept intact - we think it’s a good idea to let the profits grow and to endure the possible small correction.

We’ll have much more to say in Tuesday’s alert and that’s exactly what we plan to do. It’s scheduled for Tuesday as Monday is the Memorial Day, but we might be able to post it earlier (we can’t promise that, though).

There will be no alert this Friday due to your Editor’s travel plans, but we’ll make sure that the stop-loss levels in tomorrow’s alert are up-to-date and keep you prepared for Friday’s session. Again, we wouldn’t probably have much new to say on Friday anyway as we think the weekly closing prices will be much more important than the Thursday ones.

Very short-term outlook: bearish
Short-term outlook: bearish
MT outlook: mixed with bearish bias
LT outlook: mixed with bearish bias

Trading position (short-term; our opinion): Short positions with a stop-loss order at $65.23 are justified from the risk/reward perspective. We will keep you – our subscribers – informed should anything change.

Thank you.

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

Gold & Silver Trading Alerts
Forex Trading Alerts
Oil Investment Updates
Oil Trading Alerts