On Friday, oil price broke out the Gold Zone 2 91.32 – 91.03 and consolidated higher. Now the Target Zone 3 94.54 – 93.95 serves as the target within the short-term uptrend. It is profitable to consider new oil purchases on correction at strong support levels, the Additional Zone 91.55 – 91.38 and the Intermediary Zone 89.85 – 89.51. To enter purchases, wait for the test of the abovementioned levels and look for a reversal pattern. Focus on today’s high as the first target for purchases.
To sell oil, traders need to break out the Additional Zone 91.55 – 91.38. In this case, the price will go into correction with the target in the Intermediary Zone.
USCrude trading ideas for today:
- Buy according to the pattern in Additional Zone 91.55 – 91.38.
TakeProfit: 93.20.
StopLoss: according to the pattern rules. - Buy according to the pattern in Intermediary Zone 89.85 – 89.51.
TakeProfit: 93.20.
StopLoss: according to the pattern rules.
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