The short-term oil uptrend reversed down yesterday. As a result, the price reached the Target Zone 101.15 – 100.32, then broke it out, eventually reaching the Gold Zone 96.98 – 96.56.
After reaching the Gold Zone, the price corrected and tested the border of the new trend of 100.29 – 99.87. Since sellers held the trend border, it is possible to consider new sales in it with a target at yesterday’s low.
To enter oil purchases, traders need to break out the Intermediary Zone and consolidate the price higher. In this case, the short-term trend will reverse up.
USCrude trading ideas for today:
Sell according to the pattern in Intermediary Zone 100.29 – 99.87.
StopLoss: according to the pattern rules.