Yesterday, the oil local high was updated again. Level 88.69, which serves as the upper border of Target Zone 2, was also tested. However, the buyers failed to break out the TZ 2. At the close of the US trading session, the price again returned under the resistance level and tested the Additional Zone 87.20 – 87.05.
Now the sellers are trying to break out the Additional Zone and consolidate the price below, sending the price into a deep correction. If successful, the target for correction will be the Intermediary Zone 85.66 – 85.35. The IZ serves as the border of a short-term uptrend, so after reaching it, look for purchases according to the pattern again. The target for purchases will be yesterday’s high.
USCrude trading ideas for today:
Buy according to the pattern in Intermediary Zone 85.66 – 85.35.
TakeProfit: 88.70.
StopLoss: according to the pattern rules.
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