Today’s Oil Trading Alert is going to be very short, because the price level and overall outlook for crude oil is practically just as we described it yesterday. The price of black gold paused yesterday after a sharp rally and this pause continues also today. The small decline that we’re seeing today does not invalidate the previous breakout above the resistance zone, and thus it doesn’t change the outlook. Consequently, the long position that we opened yesterday remains up-to-date.

If anything changes, we will keep you - our subscribers - informed.

Thank you.

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