The short-term oil uptrend continues. Yesterday, another local high was updated. After the formation of a local high, the price corrected and tested the key support of the short-term uptrend 119.94 – 119.34. The buyers’ reaction occurred in this support.
Now buyers are trying to break out the Target Zone 124.85 – 123.80 and consolidate the price higher. If they succeed, the next buy target will be the Gold Zone 129.58 – 129.05. Thus, look for oil purchases today with a target at yesterday’s high.
To sell oil, traders need to break out level 119.34 and consolidate the price lower.
USCrude trading ideas for today:
Buy according to the pattern in Intermediary Zone 119.94 – 119.34.
StopLoss: according to the pattern rules.