Yesterday, the Target Zone 100.35 – 99.47 was broken out within the short-term downtrend. As a result, sellers immediately reached the Gold Zone 95.97 – 95.54. The oil price corrected at the American session. As part of the correction today, traders tested the Intermediary Zone 99.85 – 99.41. At the moment, the price is trading below the IZ, which serves as the trend key resistance.
Today it is profitable to look for new oil sales according to the pattern with the target at yesterday’s low.
To enter oil purchases, it is required to break out the Intermediary Zone and consolidate the price above at the American session. In this case, the trend will reverse up, and the upper Target Zone 104.66 – 103.79 will become the target for purchases.
USCrude trading ideas for today:
Sell according to the pattern in Intermediary Zone 99.85 – 99.41.
StopLoss: according to the pattern rules.