ANOTHER DAILY OIL REVERSAL, YET NO BREAKOUT ABOVE THE CONSOLIDATION

Let's take a closer look at the chart below (chart courtesy ofwww.stooq.com) and examine what's the likely crude oil price path ahead.

Yesterday's session oil brought us an invalidation of the earlier breakdown below the red line and lower border of the orange gap, but the bulls just couldn't break above the upper border of the blue consolidation.

They've carried on today though, and the oil futures opened with the green gap that serves as an additional support right now. The prices are however still below key resistances, increasing the probability that a reversal is just around the corner.

Summing up, oil reversed higher yesterday, and the bulls are eyeing additions to their gains today. Their opening gap serves as a support right now. The prices however still remain below the key resistances, favoring the chances of an upcoming reversal. The short position remains justified.

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Nadia Simmons
Forex & Oil Trading Strategist

Sunshine Profits - Effective Investments through Diligence and Care

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All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.