Oil’s short-term trend reversed up on 5 May. The previous trend’s key resistance at 68.74 – 68.31 was broken out. The upper Target Zone 73.53 – 72.66 is a current buying target.
I suggest buying oil from strong support levels: support (А) 69.13 – 68.84 and support (В) 67.68 – 67.25. Today’s high can be considered the first target for fixing profits.
If the Target Zone is broken to the upside, the next buy target will be the Gold Zone 75.85 – 75.56.
Trading plan for USCrude for today:
- Buy according to the pattern near support (А) 69.13 – 68.84.
TakeProfit: 72.01.
StopLoss: according to pattern rules. - Buy according to the pattern near support (В) 67.68 – 67.25.
TakeProfit: 72.01.
StopLoss: according to pattern rules.
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