The short-term oil trend reversed up. Yesterday, the key resistance of 103.59 – 103.05 was broken out. Now the target for purchases is the upper Target Zone 109.50 – 108.43. At the moment, a correction is developing.
Today, traders are trying to break out the Intermediary Zone 102.31 – 101.77 and consolidate the price lower. If successful, the short-term trend will reverse down again, and the target for sales will be the lower Target Zone 96.93 – 95.86.
If the price returns to key support during today’s trading, then wait for the formation of a buy pattern. When a pattern is forming, open long trades with the target at yesterday’s high and in the upper Target Zone.
USCrude trading ideas for today:
Watch the market.
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