Oil sellers are trying to reverse the short-term trend down by breaking out the Intermediary Zone 88.69 – 88.38. If the price consolidates below the IZ, consider oil sales with a target in the lower Target Zone 85.61 – 85.00. In this case, look for sales in the resistance zone 88.69 – 87.75.
If the price returns to key support today during the trading session, then look for a pattern to enter oil purchases with a target at February 4 high. To form a pattern, it is required to break out yesterday’s US session’s high and consolidate the price above.
USCrude trading ideas for today:
Buy according to the pattern in Intermediary Zone 88.69 – 88.38.
StopLoss: according to the pattern rules.