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

Although crude oil moved higher earlier today, the key resistance levels continue to hold. What’s next for the commodity?

Today’s alert is going to be very brief, because crude oil didn’t do anything new. It moved higher earlier today, but the 50-day moving average and yesterday high stopped oil bulls, triggering a pullback. This means that the proximity to the July peak and the 50% Fibonacci retracement continue to keep gains in check.

Therefore, the comments that we made yesterday remain up-to-date also today and if you haven’t had the chance to read our yesterday’s alert, we encourage you to do so today.

Thank you.

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

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