Oil traders are trying to break out Target Zone 2 [54.36 – 53.91]. If they succeed, the next target in the middle-term downtrend will be Target Zone 3 [49.86 — 49.41].
Let us study the shorter timeframe.
The short-term is downward. Yesterday, the price broke out TZ2 and reached Gold Zone 2 [52.26 – 52.03]. Sell trades entered in Additional Zone [54.37 – 54.26] according to the trading recommendation have yielded profits.
For today, we can mark new strong resistances: Additional Zone [53.48 – 53.37] and Intermediary Zone [54.72 – 54.50]. Enter sell trades when the price is…
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