Oil continues trending up in the short term with the main target in the upper Target Zone 112 59 – 111.72. This week, the price has corrected to the area of Additional Zone 109.03 – 108.82, trying to break it to the downside. If sellers succeed, the correction will continue with a target in Intermediary Zone 106.85 – 106.41.
The Intermediary Zone serves as the trend limit. Once it’s reached, look for new longs according to the pattern with the first target at 23 May’s high.
If Additional Zone is hold in today’s trading, the price will continue growing. The maximum of 23 May will be updated, and the upper Target Zone will be reached.
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. - Buy according to the pattern from Intermediary Zone 106.85 – 106.41.
TakeProfit: 110.60, Target Zone 112.59 – 111.72.
StopLoss: according to pattern rules.