Last Friday, the oil traders were trying to turn the oil short-term trend up, but the US session closed the price below the Intermediary Zone 85.38 – 85.01. Therefore, the oil short-term downtrend continues.
As of today, it is relevant to sell oil with a target at the low of October 18. To enter shorts, we need a sell pattern that will emerge if the price breaks through Friday’s low and consolidates below.
Otherwise, the price could rise to Intermediary Zone and break it out. If so, the short-term trend will turn up and the upside target will be the upper Target Zone 89.51 – 88.76.
USCrude trading ideas for today:
Sell according to the pattern in Intermediary Zone 85.38 – 85.01.
StopLoss: according to the pattern rules.