The short-term oil downtrend continues. Yesterday, the price was corrected and updated Friday’s high. However, traders failed to reach the Intermediary Zone 91.10 – 90.67, which serves as the trend’s border. After reaching it, consider new sales according to the pattern with a target at August 5 low.
An alternative scenario suggests a breakout and price consolidation above the Intermediary Zone. In this case, the short-term trend will reverse up, so consider oil purchases with a target in the upper Target Zone 95.83 – 94.97.
USCrude trading ideas for today:
Sell according to the pattern in Intermediary Zone 91.10 – 90.67.
StopLoss: according to the pattern rules.