Oil’s short-term trend remains upward as of Tuesday morning, with oil trading above the trend key support of 70.23 – 69 94. Resistance at 73.08 is a buying target. So, today’s most optimum working plan would be looking for a pattern to go long.
To sell oil and reverse the trend, traders have to break through the level of 69.94 and consolidate below. In that case, the lower target zone 67.31 – 66.72 will be a selling target, and we’ll be searching for a pattern to sell.
Trading plan for USCrude for today:
Buy according to the pattern from Intermediary Zone 70.23 – 69.94.
TakeProfit: 73.08, Target zone 2 at 74.59 – 74.01.
StopLoss: According to pattern rules.
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