Oil is trading in a short-term downtrend. A correction is currently developing. As part of the correction, traders tested the Intermediary Zone 110.76 – 110.35 which serves as the trend’s border. It is profitable to look for sales in the IZ according to the pattern with the target at June 17 low.
To enter oil purchases, traders need to break out the Intermediary Zone and consolidate the price higher. In this case, the trend will reverse up, and the upper Target Zone 115.36 – 114.52 will become the target for purchases.
USCrude trading ideas for today:
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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