Oil continues to strengthen in a short-term uptrend. The price rise begins in the key support zone of 84.00 – 83.70. The first growth target is January 20 high. The second growth target is the Target Zone 2 88.69 – 88.10.
Today it is reasonable to look for long trades. So, wait for the correction and the corresponding pattern and enter long trades. If the pattern is not provided, a trend reversal can be expected.
The trend will reverse down if the price consolidates below level 83.70. In this case, focus your trading plan on sales and consider short trades with the target in the lower Target Zone 81.07 – 80.49.
USCrude trading ideas for today:
Buy according to the pattern in Intermediary Zone 84.00 – 83.70.
StopLoss: according to the pattern rules.