Oil quotes corrected at the end of last week. The Intermediary Zone 117.15 – 116.73, which serves as the trend limit, was tested during the correction.
As that zone was held Friday, today’s priority plan is searching for a pattern to buy with the first target at 8 June’s high. A second buying target is the Gold Zone 123.47 – 123.03.
If the Intermediary Zone is broken out in today’s trading and the price consolidates below, the short-term trend will reverse down. We will then consider oil shorts with a target in the lower Target Zone of 112.97 – 112.14 starting tomorrow.
Trading plan for USCrude for today:
Buy according to the pattern from Intermediary Zone 117.15 – 116.73.
StopLoss: according to pattern rules.