The short-term oil downtrend continues, within which the Gold Zone 108.80 – 108.38 was reached last week. The GZ has not been broken out, so do not expect a further USCrude fall yet.
A correction is currently unfolding. As part of the correction, traders reached an Additional Zone 108.47 – 108.26. This is the first serious resistance ahead of the price. Therefore, consider short trades in this zone with a target at last Friday’s low.
If the AZ is broken out upside, the correction will continue up to the Intermediary Zone 110.76 – 110.35. The IZ serves as the trend border. Therefore, after reaching it, also look for sales.
USCrude trading ideas for today:
- Sell according to the pattern in Additional Zone 108.47 – 108.26.
TakeProfit: 106.24.
StopLoss: according to the pattern rules. - Sell according to the pattern in Intermediary Zone 110.76 – 110.35.
TakeProfit: 106.24.
StopLoss: according to the pattern rules.
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