USCrude – oil
Oil price broke out Target Zone 2 [54.36 – 53.91] in the long-term chart. The middle-term downtrend continues. The next downside target is Target Zone 3 [49.86 — 49.41].
The short-term trend for oil is also downward.
Oil trader were testing Intermediary Zone [53.55 – 53.33], the key resistance of trend, yesterday. They didn’t break the zone out, so, we continue looking for sell entries in the trend. Sell target is the low of October 3.
Alternative scenario: IZ breakout and consolidation above. In this case, we shall look for buy trades with a target at the…
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