Oil continues trending up in the short term. Target Zone 87.74 – 86.81 was reached last week and hold by the bears, so further growth is not a current subject for discussion.
A correction to the downside can start this week with a target at support (А) 84.24 – 83.91 or support (В) 82.59 – 82.09. Once these zones are reached, we can consider new longs there according to the pattern, with a target at last week’s high 87.50.
If the Target Zone is broken to the upside, the price will likely continue growing with a target in the Gold Zone 92.26 – 91.76. In that case, review support levels.
Trading plan for USCrude for today:
- Buy according to the pattern near support (А) 84.24 – 83.91.
- TakeProfit: 87.42.
- StopLoss: according to pattern rules.
- Buy according to the pattern near support (В) 82.59 – 82.09.
- TakeProfit: 87.42.
- StopLoss: according to pattern rules.
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