Oil continues trending up in the short term. The price is growing from key support at 84.00 – 83.05. The growth target is updating 20 January’s high and reaching the Target zone 2 at 88.69 – 88.10.
Yesterday, I recommended buying according to the pattern from the support zone mentioned above. The market provided the pattern, so I suggest holding your positions today, keeping the targets unchanged. Stop Loss should be moved to a breakeven zone.
If the price slumps and breaks out level 83.05, the short-term trend will reverse down. We will then consider selling oil with a target in the lower Target zone at 81.07 – 80.49.
Trading plan for USCrude for today:
Hold long positions from Intermediary Zone 84.00 – 83.70.
Target zone 2 — 88.69 – 88.10.
StopLoss: at a breakeven level.