Oil price reached the strong support to the local downtrend on Friday. We shall follow, whether it will be held and if there will be a sell signal
In the longer timeframe, it is clear that Target Zone 2 [67.25 – 66.91] was broken through. Now, oil trader are testing the zone on the opposite side; it serves as a resistance. There, you may look for sales according to the pattern with a target in TZ 3 [63.80 – 63.46]. The key resistance to the trend is in the range of [69.39 – 69.04].
Last week, the downward pattern worked out, Target Zone [65.70 – 65.36] was reached by WTI price.
Next, the oil price was corrected and reached Intermediary Zone [67.49 – 67.32] that is the key resistance to the local downtrend.
For today, I suggest looking for oil sell positions with the target to renew the local low.
WTI trading tips for today:
Sell according to the pattern in Intermediary Zone [67.49 – 67.32]. TakeProfit: Target Zone [65.70 – 65.36]. StopLoss: according to the pattern rules.
The short-term trend is also downward. It is clear in XAUUSD price chart that traders formed a local flat; where the price exits it to, will determine the further direction for trading.
The key resistance is at [1221.6 – 1220.0]. If the zone is broken out, the trend will reverse upwards. If so, the target will be Target Zone [1238.6 – 1235.5].
If there is a sell pattern emerges after the retest of IZ, I recommend selling with a target to renew August’s low.
XAUUSD trading tips for today:
Sell according to the pattern in Intermediary Zone [1221.6 – 1220.0]. TakeProfit: Target Zone [1204.2 – 1201.1]. StopLoss: according to the pattern rules.
Silver quotes are slowly going down towards Target Zone 3 [15.11 – 15.03]. The key resistance to the trend is at [15.92 – 15.85]. There are good sell prices in the zone.
In the shorter timeframe, the situation hasn’t changed in general. The local trend, according to margin zones, remains upward. The target is Target Zone [15.92 – 15.85]. The key support to the trend is being held.
Last week, silver traders couldn’t implement the main upward pattern. Let’s see, whether they’ll manage to this week. For today, continue looking for buy patterns, and buy silver if there are any.
XAGUSD trading tips for today:
Buy according to the pattern in Intermediary Zone [15.26 – 15.22]. TakeProfit: 15.61, Target Zone [15.92 – 15.85]. StopLoss: according to the pattern rules.
IZ - Intermediary Zone: responsible for the price momentum reversing.
TZ - Target Zone: a zone that is 75% likely to be reached after IZ breakout.
GZ - Gold Zone: zone in the medium-term momentum.
All zones are calculated based on the average daily price of the instrument and margin requirements of the futures.
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Price chart of USCrude in real time mode
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