Oil quotes corrected yesterday to the key support of a short-term uptrend at 114.26 – 113.82. The zone was held, so today’s priority scenario is considering a long position. To go long, wait for a pattern. Yesterday’s high will be the buy target.
If the Intermediary Zone is broken out in today’s trading and the price consolidates below, the trend will reverse down. We will then consider starting tomorrow oil shorts with a target in the lower Target Zone of 109.88 – 109.01.
Trading plan for USCrude for today:
Buy according to the pattern from Intermediary Zone 114.26 – 113.82.
StopLoss: according to pattern rules.