Trading position (short-term; our opinion): Short positions with a stop-loss order at $70.96 and the initial downside target at $62.85 are justified from the risk/reward perspective.

Friday’s session didn’t bring a breakthrough in the last week's scuffles, but there are some signals on the horizon that favor one side of the market…

Today’s Oil Trading Alert will be extremely short, as basically nothing changed on the market since we commented on it on Friday and today’s entire alert could simply be a repeat of that issue. At the end of the previous week, back gold wavered between small gains and losses, which resulted in a doji candlestick that suggests investors’ uncertainty. This means that the commodity remains in a very narrow range between the last week’s high and low.

Earlier today, we haven’t seen any important breakout/breakdown, which could change the overall situation. Therefore, if you haven’t had the chance to read our last alert, we encourage you to do so today - it’s up-to-date:

Is Crude Oil Correction Coming?

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, Gold & Silver Fund Manager

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