Yesterday, oil traders attempted to break through the Gold Zone at 71.37 – 71.08 and failed: the US session closed within resistance limits. However, oil continues following a short-term uptrend. If the price consolidates above the Gold Zone, the next target will be Target Zone 2, 74.59 – 74.01.
The price is currently correcting and testing the Additional Zone 71.34 – 71.20. If level 71.20 isn’t broken, we can open long positions with the first target at around yesterday’s high. If level 71.20 is broken to the downside, there will be a deeper correction targeted at the Intermediary Zone 69.88 – 69.59 that serves as the trend limit. If it’s reached, long trades can be opened.
Trading plan for USCrude for today:
- Buy according to the pattern from Additional Zone 71.34 – 71.20.
- TakeProfit: 72.73.
- StopLoss: According to pattern rules.
- Buy according to the pattern from Intermediary Zone 69.88 – 69.59.
- TakeProfit: 72.73, Target Zone 2 at 74.59 – 74.01.
- StopLoss: According to pattern rules.
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