The short-term oil downtrend continued yesterday. As a result, April 1 low was updated. Also, traders tried to break out the Target Zone 96.93 – 95.86, but were unsuccessful.
Now the downtrend correction is developing. Traders are trying to test the Additional Zone 98.08 – 97.81. After the test, look for new oil sales according to the pattern with a target at yesterday’s low.
If the Additional Zone is broken out upside during the trading session, then the correction will continue with the target at the border of the trend 100.04 – 100.50.
USCrude trading ideas for today:
Sell according to the pattern in Additional Zone 98.08 – 97.81.
StopLoss: according to the pattern rules.