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

Today’s alert is going to be very brief, because crude oil didn’t do anything that would change the outlook yesterday. The only thing that the commodity did is that it moved initially higher above the upper border of the black declining trend channel, but then reversed and closed the day below it, invalidating earlier tiny breakout. Such price action is a bearish sign, but we assumed that the commodity would move lower anyway, so nothing really changed. Consequently, the comments that we made yesterday remain up-to-date and if you haven’t had the chance to read our previous alert, we encourage you to do so today. We will provide you with a bigger update most likely on Monday.

Thank you.

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

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