The oil price reached Target Zone 2, 77.91 – 77.16, in the short-term downtrend. After the TZ 2 was reached, the market has been corrected. The correction target might be the test of resistance (A) 81.71 – 81.34. After the resistance zone is reached, I suggest entering new shorts with a target at Friday’s low.
If the (A) resistance is broken out upside, the price should reach resistance (B) 83.77 – 83.21. This zone is the border of the short-term downtrend, so, when it is reached, I suggest entering sell trades with a target at the low of November 18.
USCrude trading ideas for today:
- Sell according to the pattern in resistance (A) 81.71 – 81.34.
TakeProfit: 77.67.
StopLoss: according to the pattern rules. - Sell according to the pattern in resistance (B) 83.77 – 83.21.
TakeProfit: 77.67.
StopLoss: according to the pattern rules.
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