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CRUDE OIL GOING FROM STRENGTH TO STRENGTH? FAR FROM IT


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While crude oil futures moved higher yesterday, the bulls had no success closing any of the open three gaps - neither the pink, nor the orange, nor the red one. This relative weakness triggered a pullback and the futures finished the day below the orange gap.

Earlier today, the futures opened with yet another bearish gap, which by itself doesn't bode well for the bulls. This is especially so when we factor in the nearest key resistance area created by the above-mentioned three gaps and the 61.8% Fibonacci retracement.

As long as the gaps keep putting a stop to the bulls' effort, the way higher is blocked and reversal remains just around the corner. Should we see prices decline from here, the lower border of the blue consolidation and the lower border of the rising green trend channel will likely be tested in the coming days.

Summing up, despite yesterday's upswing, the bulls are facing difficulty overcoming the new set of resistances: the 61.8% Fibonacci retracement, and the three gaps (pink, red and orange ones). There's also the upper border of the rising green trend channel and the Sept 18-23 peaks in the proximity. This formidable combination of resistances could trigger a reversal shortly, and the short position is justified.

We hope you enjoyed reading the above free analysis, and we encourage you to read today's Oil Trading Alert - this analysis' full version. It includes more details about which levels to watch and why. There's no risk in subscribing right away, because there's a 30-day money back guarantee for all our products. And besides, you can still subscribe to our Alerts at very promotional terms - it takes just $9 to read the details right away and then receive follow-ups for the next three weeks. Subscribe today and stay informed at very preferred terms.

Thank you.

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.



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About the author


Nadia Simmons is a private investor and trader, dealing in currencies, commodities (mainly crude oil), and stocks. Using her background in technical analysis, she spends countless hours identifying market trends, major support and resistance zones, breakouts and failures. In her writing, she presents complex ideas with clarity that enables you to easily understand market changes, and profit on them. Nadia is the person behind Sunshine Profits' 3 premium trading services: Forex Trading Alerts, Oil Trading Alerts, and Oil Investment Updates.

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