The oil price was testing resistance (А) 70.13 – 69.84. The zone was not broken out, and the price went down. The short-term trend remains down. Therefore, the price should continue falling today; the downside target is the low of June 12. When this low is broken through, the target will be the lower Target Zone 65.61 – 64.74.
If resistance (A) is broken out, the price will reach resistance (В) 71.72 – 71.29. The second resistance is the trend border, and one could enter sell trades there.
USCrude trading ideas for today:
- Hold down sell trades entered at resistance (А) 70.13 – 69.84.
TakeProfit: 67.00.
StopLoss: 70.70. - Sell according to the pattern at resistance (В) 71.72 – 71.29.
TakeProfit: 67.00.
StopLoss: according to the pattern rules.
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