The short-term oil downtrend continues. Yesterday, traders broke out the Target Zone 2 104.62 – 103.79 within the trend. The next target for sales is the Gold Zone 2 100.45 – 100.03.
On June 22 and 23, traders tested the trend key resistance of 105.71 – 105.29. The resistance was held. Therefore, today short trades with the first target at June 22 low is a priority.
To enter oil purchases, traders need to break out the Intermediary Zone and consolidate the price in the American session higher. In this case, the short-term trend will reverse up, and the target for purchases will be the upper Target Zone 110.30 – 109.47.
USCrude trading ideas for today:
Hold sell trades entered in Intermediary Zone 105.71 – 105.29.