On Friday, oil reached the short-term downtrend’s key resistance 70.85 – 70.45. However, the price has failed to consolidate above this zone. Today, the asset is retreating below this resistance. If a sell pattern emerges, consider short trades with the first target of 68.68 and the second one near 66.51.
An alternative scenario suggests that the price will break through and consolidate above last Friday’s high. In this case, the short-term downtrend will reverse.
USCrude Trading Ideas for Today:
Sell at resistance (B) 70.85 – 70.45.
TakeProfit: 68.68, 66.51.
StopLoss: 71.59.
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