Trading position (short-term; our opinion): Short positions (with a stop-loss order at $54.51 and initial downside target at $45.43) are justified from the risk/reward perspective.

Today’s Oil Trading Alert is going to be very short as basically everything that we wrote yesterday remains up-to-date. Crude oil closed yesterday’s session below $50, which further confirms the bearish outlook.

On an administrative note, due to your editors’ travel schedule next week, there will be no regular Oil Trading Alerts from Monday to Thursday, but we will keep monitoring the situation and if anything changes the outlook and adjustments to the current speculative position are necessary, we will keep you informed via e-mail.

Thank you.

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

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