Trading position (short-term; our opinion): Short positions with a stop-loss order at $54.12 and initial (!) target price at $35.72 are justified from the risk/reward perspective.
Today’s Oil Trading Alert will be extremely short, as the situation in the very short-term develops in line with our Monday’s scenario and crude oil is on the best way to lower levels. Yesterday, the commodity lost 0.60% and hit an intraday low of $45.72, which means that our previous alert is still valid. At this point, it is also worth noting that the American Petroleum Institute reported that U.S. crude oil inventories increased more-than-expected (7.1 million barrels to 473 million barrels in the week to Oct. 16), which will likely have a negative impact on the price later in the day.
Therefore, if you haven’t had the chance to read yesterday’s alert, we encourage you to do so today - it’s up-to-date:
Oil Trading Alert: Another Reversal
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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