Oil traders tried to break out Target Zone 2, 77.91 – 77.16. The zone was not broken out, and the price is now rising. If the price continues rising, it will reach a resistance of 80.96 – 80.59. One could enter new short trades in the resistance zone with a target at the low of November 23.
If Target Zone 2 is broken out downside, the market will continue declining down to the Gold Zone 2, 74.16 – 73.78. In this case, the resistance zones should be rearranged.
USCrude trading ideas for today:
Sell according to the pattern in the resistance 80.96 – 80.59.
StopLoss: at breakeven.
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