Oil price is being corrected up in the middle-term downtrend. After the resistance zone [58.73 – 56.86] is tested, look for sell trades with the target to update the low of last week and reach Target Zone 2 [53.58 – 53.21].
Let see the shorter timeframe chart. The short-term trend is still downward. Traders were testing Intermediary Zone [56.72 – 56.54] yesterday. The zone hasn’t been broken through, so it is relevant to open short positions.
It will be relevant to sell when there is a corresponding pattern and Additional Zone [55.99 – 55.90] breakout. If there is the needed signal, the downside target will be 54.77.
Alternative scenario: IZ breakout and consolidation above. If so, the local trend will reverse upwards and it will be relevant to enter buy trades.
USCrude Trading decisions for today:
Sell according to the pattern from Intermediary Zone [56.72 – 56.54]. TakeProfit: 54.77. StopLoss: according to the pattern rules.
