The oil price reached the lower Target Zone 85.41 – 84.66 in the short-term downtrend. Oil sellers try to break out this zone and consolidate the price below. If they succeed, the next downside target will be the Gold Zone 81.66 – 81.28.
New oil sell trades could be entered at strong resistance levels. The nearest resistance zone is 86.68 – 86.50. After this zone is reached, I suggest entering sell trades according to the pattern with a target at today’s low.
USCrude trading ideas for today:
- Sell according to the pattern in Additional Zone 86.68 – 86.50.
TakeProfit: 84.70.
StopLoss: according to the pattern rules. - Sell according to the pattern in Intermediary Zone 88.75 – 88.37.
TakeProfit: 84.70.
StopLoss: according to the pattern rules.
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