Yesterday, oil corrected in the Intermediary Zone 104.58 – 104.15. The zone was held. Now the short-term downtrend remains. Today, the priority for oil sales remains. Look for a pattern to open a short trade. The target for sales will be to update April 20 low.
If April 20 low is updated, it will be possible to break out the Target Zone 100.35 – 99.47. This means that oil price will fall with a target in the Gold Zone 95.97 – 95.54.
Traders need to update yesterday’s high to enter purchases and reverse the trend. In this case, the target for purchases will be the upper Target Zone 109.40 – 108.52.
USCrude trading ideas for today:
Sell according to the pattern in Intermediary Zone 104.58 – 104.15.
StopLoss: according to the pattern rules.