Oil price went into correction. Yesterday, the Additional Zone 112.82 – 112 52 was broken out. Today the price reached the Intermediary Zone 109.82 – 109.22. The IZ serves as the border of a short-term uptrend.
To enter oil purchases it is required to hold the Intermediary Zone and form a pattern. In this case, the target for purchases will be yesterday’s high, as well as the Target Zone 2 117.80 – 116.60.
A trend reversal after breaking out level 109.22 and price consolidation below are required to open oil sales. In this case, the target for sales will be the lower Target Zone 103.82 – 102.62.
USCrude trading ideas for today:
Buy according to the pattern in Intermediary Zone 109.82 – 109.22.
StopLoss: according to the pattern rules.