Trading position (short-term; our opinion): Short positions (with a stop-loss order at $56.45 and an initial downside target at $45.81) are justified from the risk/reward perspective.

On Thursday, the black gold lost 0.28% as disappointing inventory data continued to weigh on the price. As a result, light crude verified the earlier breakdown under the 50-day moving average and tested Wednesday’s low. What’s next for the commodity?

Today’s Oil Trading Alert is going to be very short, because nothing changed on the crude oil market yesterday. Based the most recent developments we would have written exactly the same alert as we wrote yesterday. Consequently, if you haven’t had the chance to read our previous alert, we encourage you to do so today – it’s up-to-date.

Thank you.

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

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