The short-term oil uptrend continues to strengthen. Yesterday, the traders tested the key support of 106.63 – 106.23, which was held by the buyers. In this key support, the prices rose and broke out the Gold Zone 2 108.93 – 108.55. After the GZ 2 breakout the Target Zone 3 113.11 – 112.35 was reached. Now traders are trying to break out the TZ 3 and consolidate the price higher. If successful, the next target for purchases will be Gold Zone 3 116.53 – 116.15.
It is reasonable to consider new oil purchases on correction in the trend key support of 109.67 – 109.27. Today’s high will serve as a profit-taking target. If the high is updated during trading at the European and American trading sessions, then it would be necessary to rearrange the margin zones.
USCrude trading ideas for today:
Buy according to the pattern in Intermediary Zone 109.67 – 109.27.
TakeProfit: 114.00.
StopLoss: according to the pattern rules.