Oil continues following a short-term uptrend and breaks Target zone 68.74 – 68.16. The next buying target is Gold Zone 71.37 – 71.08. New long trades should be opened on corrections from the important support levels – Additional zone 69.05 – 68.90 and Intermediary zone 67.58 – 67.29. The latter is the trend’s limit.
To sell oil, traders need to break through the key support and settle underneath level 67.29. We will then have a shift to a downtrend, and the lower Target Zone 64.66 – 64.07 will be a target for short positions.
Trading plan for USCrude for today:
- Buy according to the pattern from Additional Zone 69.05 – 68.90.
- TakeProfit: 70.44.
- StopLoss: According to pattern rules.
- Buy according to the pattern from Intermediary Zone 67.58 – 67.29.
- TakeProfit: 70.44.
- StopLoss: According to pattern rules.
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