The short-term oil downtrend continues. Yesterday, traders once again tried to break out the Intermediary Zone 85.38 – 85.01. However, the American trading session closed inside.
Today searching for oil sales according to the pattern and holding existing ones remain the priority. It would be reasonable to place the Stop Loss beyond yesterday’s high. Set the first Take Profit at October 24 low and the second one at October 18 low.
If the Intermediary Zone is broken out during trading, and the price closes higher in the American trading session, the short-term trend will reverse up. In this case, look for oil purchases with the target in 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.
TakeProfit: 82.44, 81.32.
StopLoss: according to the pattern rules.