Oil quotes broke out the Target Zone 87.74 – 86.81 yesterday. The next buy target in a short-term uptrend is the Gold Zone 92.26 – 91.76. An intermediate target can be resistance 89.50 located slightly above the current prices.
If the oil price returns below resistance 87.50, a correction can be expected, and the price may reach support (А) 85.42 – 85.09 and support (В) 83.77 – 83.28. We can consider new longs from these areas.
Trading plan for USCrude for today:
- Buy according to the pattern near support (А) 85.42 – 85.09.
TakeProfit: 88.62.
StopLoss: according to pattern rules. - Buy according to the pattern near support (В) 83.77 – 83.28.
TakeProfit: 88.62.
StopLoss: according to pattern rules.
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