The oil short-term downtrend continued yesterday. The price broke through the low of December 7. The price is now trying to break out Target Zone 72.04 – 70.91. If the TZ is broken out, the next downside target will be Gold Zone. If the TZ is held up, the price will be corrected.
Being corrected, the price could reach resistance (A) 75.07 – 74.72, where one could enter new sell trades according to the pattern with a target at yesterday’s low.
If resistance (A) is broken out, the correction will continue up to the trend border 76.99 – 76.47. I also recommend entering sell trades in the trend border zone.
USCrude trading ideas for today:
- Sell according to the pattern at resistance (А) 75.07 – 74.72.
TakeProfit: 71.30.
StopLoss: according to the pattern rules. - Sell according to the pattern at resistance (В) 76.99 – 76.47.
TakeProfit: 71.30.
StopLoss: according to the pattern rules.
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