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

On Tuesday, crude oil extended gains and broke above the last week’s peaks. How high could the commodity go in the coming days?

Today’s Oil Trading Alert is going to be very short, because nothing changed on the crude oil market yesterday. Although light crude climbed above the last week’s peaks, resistance lines continue to keep gains in check. Based on Tuesday’s developments we would have written exactly the same alert as we wrote yesterday. Consequently, if you haven’t had the chance to read yesterday’s alert, we encourage you to do so today.

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 Fund Manager

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