Today’s message about the Oil Trading Alerts is going to be short as Nadia Simmons is not in the position to write the regular issue in full today. Still, she is keeping an eye on market developments, and has sent in the following summary.

Oil prices have attempted a rebound yesterday, yet the bulls have made virtually no progress as oil finished the day close to unchanged. Additionally, the volume of the attempted upswing was markedly lower than the volume of Wednesday's downswing, highlighting the lack of conviction of the bulls in taking oil prices upwards. Today's move higher so far (oil is trading at around $56.20 currently) runs in a similar vein as yesterday - it's relatively weak, little-pronounced. The odds continue favoring another move lower heavily. The weekly chart supports this conclusion as this week's upswing has been muted and is on track to fizzle out. Also this week's volume looks set to be lower than the volume of the preceding week's waterfall decline - again highlighting the bulls' weakness. All the above factors support the bears and the short position remains justified. As always, we'll keep you - our subscribers - informed.

Thank you.

Nadia Simmons
Forex & Oil Trading Strategist