Yesterday, the short-term oil trend reversed down. The trend key support 105.83 – 105.23 was broken out. Starting today, the target for sales is to update March 9 low and test the lower Target Zone 99.83 – 98.63.
At the moment, the price is correcting. Probably, traders want to test the trend key resistance 108.42 – 107.82. Look for short trades in the aforementioned trend key resistance with targets outlined above.
To enter oil purchases, traders need to break out the Intermediary Zone and consolidate the price higher. In this case, the trend will again reverse up, and the target will be the upper Target Zone 115.02 – 113.82.
USCrude trading ideas for today:
Sell according to the pattern in Intermediary Zone 108.42 – 107.82.
Target Zone 99.83 – 98.63. StopLoss: according to the pattern rules.