The U.S. markets are closed today due to Thanksgiving, so we would normally not be sending any analysis today, but since crude oil just broke above its previous, we thought that you’d appreciate a quick update.
Crude oil declined in today’s pre-market trading, but it’s relatively far from declining below the 61.8% Fibonacci retracement level and the previous 2020 highs. Therefore, the breakout above these levels was not invalidated – at least not yet at the moment of writing these words.
Consequently, our bearish outlook for the next several weeks remains up-to-date, but so does the relatively neutral view for the next several days. In other words, we think that waiting for a better risk to reward ratio before re-opening a speculative trading position continues to be a good idea.
As always, we’ll keep you - our subscribers - informed.
Finally, I would like to wish happy Thanksgiving to you and your families.
Thank you.
Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief