The oil short-term downtrend continued yesterday, and the price reached the Gold Zone 71.78 – 71.49. The zone hasn’t been broken out, so the price will hardly continue falling right now.
If the price breaks out the GZ today and consolidates below, the next downside target will be the Target Zone 68.88 – 68.30.
If the GZ is held up, the price will be corrected up to resistance (А) 74.54 – 74.25. One could enter new sell trades in the zone with a target at yesterday’s low.
USCrude trading ideas for today:
- Sell according to the pattern at resistance (А) 74.54 – 74.25.
TakeProfit: 71.43.
StopLoss: according to the pattern rules. - Sell according to the pattern at resistance (В) 76.14 – 75.70.
TakeProfit: 71.43.
StopLoss: according to the pattern rules.
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