According to technical analysis, oil price chart suggests an expanding triangle pattern. The key resistance was held yesterday.
After the broken out TZ 2 [67.25 – 66.91] was tested, oil price was going down again. The nearest sell target is weekly low, the second target is Target Zone 3 [63.80 – 63.46]. The key resistance is [68.96 – 68.61].
The key resistance to the short-term down trend was held. According to technical analysis, oil is trading in the expanding triangle. This triangle is a flat pattern, so, I recommend selling, or rather hold on you sales from the upper boarder with a target at the bottom border.
If in the next few days, the price breaks through IZ and consolidates above, the trend will reverse upwards and we will buy up to the upper Target Zone [68.96 – 68.61].
WTI trading tips for today:
Sell/hold on sales according to the pattern in Intermediary Zone [67.06 – 66.89]. TakeProfit: Target Zone [65.70 – 65.36]. StopLoss: according to the pattern rules.
The U.S. session closed below Target Zone 5 [1210.2 – 1207.1] yesterday. It means that Target Zone 6 [1179.2 – 1176.1] is 70% likely to be reached by the price. Look for sales according to the pattern during the price correction towards either to the broken out zone, or towards the key resistance.
In the short-term downtrend, Gold Zone [1188.7 – 1187.2] was reached by gold price at the Asian session today. The price is being corrected now, so you can look for sales at good prices.
Look for the further sells in the trend either in Additional Zone [1195.0 – 1194.2], or in Intermediary Zone [1203.5 – 1202.0]. The target will be local low.
Alternative scenario: purchasing XAUUSD. It will be relevant if IZ is broken out with consolidation. If so, the target will be the upper TZ [1220.6 – 1217.5].
XAUUSD trading tips for today:
- Sell according to the pattern in Additional Zone [1195.0 – 1194.2]. TakeProfit: Gold Zone [1188.7 – 1187.2]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [1203.5 – 1200]. TakeProfit: Gold Zone [1188.7 – 1187.2]. StopLoss: according to the pattern rules.
Silver price is trading a little lower than Target Zone 3 [15.11 – 15.03], but there hasn’t been a clear consolidation beyond the zone. Therefore, if there is the price correction and a sell signal, set small targets, like local low, for example.
The main sell target Target Zone [14.90 – 14.82] was reached today. The further price decline will depend on weather sellers can consolidate below the zone.
For now, the local correction can develop, and so, if the price reaches AZ [15.04 – 15.02] and IZ [15.24 – 15.20], look for sell signals and sell with a target to renew the current low.
XAGUSD trading tips for today:
- Sell according to the pattern in Additional Zone [15.04 – 15.02]. TakeProfit: Target Zone [14.90 – 14.82]. StopLoss: according to the pattern rules.
- Sell according to the pattern in Intermediary Zone [15.24 – 15.20]. TakeProfit: Target Zone [14.90 – 14.82]. 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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