Today’s Oil Trading Alert is going to be very brief as nothing really changed as far as the outlook is concerned. We saw a sizable daily rally yesterday and a daily close above the July highs, but the move is not confirmed so far and the RSI just moved above 70. The small breakout is bullish, but RSI above 70 is definitely bearish as that’s exactly what we saw at the end of the rally in June. Consequently, the implications remain unclear. They may become bullish if the breakout is confirmed and they may become bearish if the black gold moves lower, thus invalidating the breakout.

As always, we’ll keep you - our subscribers - informed.

Thank you.

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

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