Trading position (short-term; our opinion): Short positions (with a stop-loss order at $56.45 and an initial downside target at $45.81) are justified from the risk/reward perspective.
On Wednesday, the black gold wavered between small gains and losses after mixed the EIA weekly report on crude oil and refined products. Will crude oil futures trigger further deterioration later in the day?
Today’s Oil Trading Alert is going to be very short, because nothing changed on the crude oil market yesterday. Based the most recent developments we would have written exactly the same alert as we wrote on Wednesday.
Nevertheless, earlier today, crude oil futures extended losses and hit an intraday low of $53.30, which suggests that crude oil will follow them after the market’s open – similarly to what we saw in the previous days. Therefore, if you haven’t had the chance to read yesterday’s alert, we encourage you to do so today.
As always, we’ll 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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