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

Today’s alert is once again going to be very short, because crude oil didn’t do anything that would change the outlook on Tuesday and the same applies to today’s session so far. The only thing that crude oil did yesterday is another invalidation of a small breakout above the 61.8% Fibonacci retracement (based on the Oct-Feb downward move). Such price action is a negative sign, but the outlook was bearish anyway, so nothing really changed.

Consequently, the comments that we made on Monday remain up-to-date also today and if you haven’t had the chance to read that alert (Oil Trading Alert: Crude Oil – North or South?), we encourage you to do so today. We will provide you with a bigger update once we see more interesting developments on the crude oil market - most likely tomorrow.

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

Thank you.

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

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