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

Today’s Oil Trading Alert is going to be quite short, because the technical picture of the commodity didn’t change much yesterday. Crude oil is still trading in the consolidation between the Wednesday’s high of $32.21 and the barrier of $30. Therefore, in our opinion, as long as there is no breakout above the upper border of the formation (or a breakdown under $30) another bigger move is not likely to be seen and short-lived moves in both directions should not surprise us. If you haven’t had the chance to read yesterday’s alert, we encourage you to do so today.

Oil Trading Alert: Crude Oil – Double Bottom?

We will 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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