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It’s Make Or Break For the Crude Oil Bulls

Commodities / Crude Oil May 20, 2020 - 07:05 AM GMT

By: Nadia_Simmons

Commodities

Just like the precious metals market, black gold ended the previous week with a sizable upswing. The rally continued in the early Monday trading, as crude oil moved decisively above its previous April highs.


The breakout above the April highs is a sign of strength, but it’s not been confirmed so far. Crude oil did close the previous week above the highest daily close of April, but it was just a little higher. The move is definitely bigger based on today’s pre-market upswing, but the breakout is still far from being confirmed in terms of time.

The next upside target is the 50% Fibonacci retracement level, which coincides with the mid-March top. However, if the breakout above April highs is invalidated, crude oil could decline all the way down to the $20 level or so, before pausing or bottoming.

Without enough bullish or bearish signs, we don’t think that entering an oil trading position is justified at this time due to the lack of either bullish or bearish confirmations. We expect to see more clues shortly.

Summing up, we might get an opportunity to enter long, or short positions very soon, and increase our 2020 profits, but such opportunity remains absent at this time.

If you enjoyed the above analysis and would like to receive free follow-ups, we encourage you to sign up for our daily newsletter – it’s free and if you don’t like it, you can unsubscribe with just 2 clicks. If you sign up today, you’ll also get 7 days of free access to our premium daily Oil Trading Alerts as well as Gold & Silver Trading Alerts. Sign up now.

Nadia Simmons
Forex & Oil Trading Strategist
Przemyslaw Radomski
Founder, Editor-in-chief

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Disclaimer

All essays, research and information found above represent analyses and opinions of Nadia Simmons 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, Nadia Simmons 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. Nadia Simmons is not a Registered Securities Advisor. By reading Nadia Simmons’ 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. Nadia Simmons, 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.


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