The short-term oil downtrend continues. Yesterday, traders tried to break out the Target Zone 2 104.62 – 103.79. After the first unsuccessful attempt, the price corrected and tested the Intermediary Zone 105.71 – 105.29. The IZ was held, which caused the price decline.
Today, sellers are trying to break out Target Zone 2 again and consolidate the price lower. If successful, the next target for sales will be Gold Zone 2 100.45 – 100.03.
In this regard, today look for new sales in the Additional Zone 104.08 – 103.80, or hold the opened ones in the Intermediary Zone. The first target will be yesterday’s low.
USCrude trading ideas for today:
Hold sell trades entered in Intermediary Zone 105.71 – 105.29.
StopLoss: according to the pattern rules.