Crude Oil Bulls Again Rejected At the Resistance / Commodities / Crude Oil
Crude oil futures extended gains,breaking above the upper border of the rising green trend channel duringyesterday’s session. This upswing took the futures right to the red gap. Let’ssee how this has reflected upon the daily indicators.
They look quite extended, suggestingthat the space for additional gains may be limited and that a reversal is probably just around thecorner.
Should it be the case, and the futuresmove lower from here, the first downside target for the sellers will beyesterday’s green gap. If the bears close it, the next target will be the lowerborder of the purple consolidation and the next green gap, which is where ourinitial downside target currently is.
Summingup, while crude oil futures extended recent gains, thered gap ahead coupled with the extended position of the daily indicators tellabout high likelihood of an upcoming reversal lower. And indeed, the futuresare trading below $61.50 as we speak. The short position continues beingjustified from the risk-reward perspective.
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Thank you.
Nadia Simmons
Forex & Oil Trading Strategist
Sunshine Profits -Effective Investments through Diligence and Care
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All essays, research andinformation found above represent analyses and opinions of Przemyslaw Radomski,CFA and Sunshine Profits' associates only. As such, it may prove wrong and be asubject to change without notice. Opinions and analyses were based on dataavailable to authors of respective essays at the time of writing. Although theinformation provided above is based on careful research and sources that arebelieved to be accurate, Przemyslaw Radomski, CFA and his associates do notguarantee the accuracy or thoroughness of the data or information reported. Theopinions published above are neither an offer nor a recommendation to purchaseor sell any securities. Mr. Radomski is not a Registered Securities Advisor. Byreading Przemyslaw Radomski's, CFA reports you fully agree that he will not beheld responsible or liable for any decisions you make regarding any informationprovided in these reports. Investing, trading and speculation in any financialmarkets may involve high risk of loss. Przemyslaw Radomski, CFA, SunshineProfits' employees and affiliates as well as members of their families may havea short or long position in any securities, including those mentioned in any ofthe reports or essays, and may make additional purchases and/or sales of thosesecurities without notice.
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