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

On Thursday, crude oil moved higher once again, but did this increase change anything in the overall picture of the commodity?

Today’s alert is going to be very brief, because crude oil didn’t do anything new. The commodity bounced off the upper border of the green support zone, but then closed the day under the previous session’s high. This is a repeat of what we already saw earlier this week and there are no bullish implications of this move. Therefore, the comments that we made on Wednesday remain up-to-date also today and if you haven’t had the chance to read that Oil Trading Alert, we encourage you to do so today. We will provide you with a bigger update on Monday, once we get the weekly closing prices.

Thank you.

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

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