Oil’s short-term trend reversed down, and the Intermediary Zone 114.26 – 113.82 was broken out. Now the selling target is the lower Target Zone 109.88 – 109.01.
The price is about to correct and test the Additional Zone 112.75 – 112.53. Once the Additional Zone is tested, new oil shorts could be opened according to the pattern with the first target at today’s low.
If the Additional Zone is broken to the upside, the correction will continue with a target of 115.16 – 114.72, at the trend’s boundary. Short positions can also be opened from the trend boundary.
Trading plan for USCrude for today:
- Sell according to the pattern from Additional Zone 112.75 – 112.53.
TakeProfit: 110.46.
StopLoss: according to pattern rules. - Sell according to the pattern from Intermediary Zone 115.16 – 114.72.
TakeProfit: 110.46.
StopLoss: according to pattern rules.
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