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

Today’s alert is going to be very short as we have nothing to really comment on today. Crude oil has been moving back and forth all this week (in fact, yesterday’s close is exactly the same as last Friday’s close) and just as the outlook was unclear at the beginning of the week, it is still unclear today.

It could be to a large extent determined by the period that we’re in right now – pre-Holiday preparations. There is less trading than usually (volume declined in the last few days) and no significant moves have been seen throughout the market. We could see some more volatility after Holidays, but at this time we can’t say whether a rally or a decline will be seen next. Before the Dec 12 breakout, declines were very likely, but since crude oil held up relatively well after moving above the October highs (there was no invalidation), it could also be the case that a short-term rally will be seen before a bigger decline). As always, we will keep you – our subscribers – updated.

Very short-term outlook: mixed
Short-term outlook: mixed
MT outlook: mixed
LT outlook: mixed

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

Thank you.

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

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