Oil traded in the Additional Zone 109.03 – 108.82 yesterday. This zone is a strong support level. As we are dealing with a short-term uptrend, we could open long positions in the Additional Zone according to the pattern with the first target at 23 May’s high and a second target in the upper Target Zone at 112.59 – 111.72.
If the upper Target Zone is broken out today, the next buying target will be the Gold Zone 116.53 – 116.09.
In an alternative scenario where we sell oil, the price is supposed to consolidate below the Additional Zone during the US session. If so, a correction will continue with a target at the trend’s boundary, 106.85 – 106.41.
Trading plan for USCrude for today:
Buy according to the pattern from Additional Zone 109.03 – 108.82.
TakeProfit: 110.60, Target Zone 112.59 – 111.72.
StopLoss: according to pattern rules.