Crude Oil Bulls Keep Trying But the Technical Headwinds Are Stiff / Commodities / Crude Oil
Crude oil futures moved higher onceagain during yesterday’s session, overcoming the upper border of the risinggreen trend channel for the third time in a row. While the futures finished theday above this resistance, the bulls didn’t manage tohold gained ground in full.
Earlier today, the futures opened withthe red gap. This bearish development means invalidation of yesterday’sbreakout, which doesn’t bode well for the bulls.
The daily indicators are still veryextended, also supporting the likelihood of upcoming reversal to the downside.
Should the futures extend losses fromhere, the initial downside target for the sellers will be the Friday’s greengap.
Summingup, while the bulls broke above the upper border of therising green trend channel yesterday, today’s bearish opening doesn’t support abullish interpretation. The extended daily indicators support a downsidereversal too. The short positions continues being justified from therisk-reward perspective.
We hope youenjoyed reading the above free analysis, and we encourage you to read today'sOil Trading Alert - this analysis' full version. It includes more details aboutwhich levels to watch and why. There's no risk insubscribing right away, because there's a 30-day money back guarantee for allour products, so we encourage you to subscribe today.
Check more of our free articles on our website– just drop by and have a look. We encourage you to sign up for our daily newsletter, too - it's freeand if you don't like it, you can unsubscribe with just 2 clicks. If you signup today, you'll also get 7 days of free access to our premium daily Gold &Silver Trading Alerts. Signup for the free newsletter today!
Thank you.
Nadia Simmons
Forex & Oil Trading Strategist
Sunshine Profits -Effective Investments through Diligence and Care
* ** * *
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.
© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.