Oil Trading Alert originally sent to subscribers on December 9, 2015, 6:58 AM.
Trading position (short-term; our opinion): Short positions with a stop-loss order at $54.12 and initial (!) target price at $35.72 are justified from the risk/reward perspective.
Today’s Oil Trading Alert will be quite short, as basically nothing changed on the market since we commented on it yesterday and today’s entire alert could simply be a repeat of yesterday’s issue. On Tuesday, crude oil moved higher and climbed to the barrier of $40. Despite this improvement oil bulls didn’t manage to hold gained levels, which resulted in a reversal and a pullback to $39.25. Such price action suggests that yesterday’s upswing could be just a verification of earlier breakdown and further deterioration is just around the corner. Earlier today, we haven’t seen any important event, which could change the overall situation. Therefore, if you haven’t had the chance to read yesterday’s alert, we encourage you to do so today - it’s up-to-date:
Oil Trading Alert: Crude Oil at Fresh Lows!
As always, we’ll keep you - our subscribers - informed should anything change.
Very short-term outlook: bearish
Short-term outlook: bearish
MT outlook: bearish
LT outlook: mixed with bearish bias
Thank you.
Nadia Simmons
Forex & Oil Trading Strategist
Przemyslaw Radomski, CFA
Founder, Editor-in-chief
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