USCrude – oil
Oil traders are testing the key support to the middle-term uptrend at [53.77 – 53.40]. I recommend looking for purchases according to the pattern with the target to break through the August’s high and reach Target Zone 2 [58.13 — 57.77].
Oil short-term trend is downward.
Yesterday, traders were testing Intermediary Zone [55.01 – 54.83] but couldn’t break it out. The price is currently rolling down from the strong resistance. Sell target is to break through the Monday’s low.
Alternative scenario: reversal from the current level, price rise and IZ breakout. If so, the local trend will…
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