Market participants attempted Monday to break out the short-term uptrend’s key support at 84.00 – 83.70. They failed to consolidate below that zone. The US session is closing within support limits, so buying oil remains a priority today. The first target should be near the peak of 20 January, and the second target should be in the target zone 2 — 88.69 – 88.10.
If the US session closes below the Intermediary zone, the short-term trend will reverse down. We will then try to sell oil according to the pattern in the lower target zone 81.07 – 80.49.
Trading plan for USCrude for today:
Buy according to the pattern from Intermediary Zone 84.00 – 83.70.
StopLoss: According to pattern rules.