Oil price is being corrected to the recent ascending momentum. The zone of favourable middle-term buys has borders at [56.28 – 55.57].
The short-term trend remains upward for a while. Players can’t outbreak the key support [56.92 – 56.81]. However, there aren’t any buy signals too. If they appear, we will buy WTI with the target of October 8th’s high renewal.
In case of IZ outbreak, we will sell oil to lower Target Zone [55.80 – 55.57] within the short-term downtrend.
Today's trading tips for oil:
Buy in Intermediary Zone [56.92 – 56.81]. TakeProfit: 57.95. StopLoss: at Stop Zone [56.36 – 56.30].
For gold, the accumulation zone continues forming.
According to shorter margin zones, we can identify a short-term downtrend. As a result of IZ [1276.0 – 1274.7] outbreak, players have a new target in Target Zone [1263.7 – 1261.3]. It is beneficial to open sells both in the outbroken IZ and the new one. The latter is the key resistance to the trend and has borders at [1286.7 – 1285.5].
I don’t recommend buying until the correctional IZ is outbroken and technical flat ends. If so, the first target for bulls will be upper TZ [1300.2 – 1297.7].
Today's trading tips for gold:
Sell along the pattern in [1274.7 – 1286.7]. Take Profit: Target Zone [1263.7 – 1261.3]. StopLoss: according to the pattern trading.
For silver, traders aren't going to implement the priority downward model. So, I recommend analyzing shorter timeframes.
After the key support was outbroken on November 7th, the short-term trend became downward. Then, through the correction to the key resistance, the first target was reached, the low at 16.89 was renewed. The next decreasing target is Target Zone [16.65 – 16.59].
The key resistance within the trend is Intermediary Zone [17.09 – 17.06]. When it is reached, I recommend looking for primarily sells. If it is outbroken, we will reverse to buys.
In the alternative scenario, the target will be upper TZ [17.42 – 17.36].
Today's trading tips for silver:
- Don’t close sells in Intermediary Zone [17.20 – 17.17]. TakeProfit: Target Zone [16.65 – 16.59]. StopLoss: at breakeven.
- Sell in Intermediary Zone [17.09 – 17.06]. TakeProfit: Target Zone [16.65 – 16.59]. StopLoss: 17.18.
IZ - Intermediary Zone: responsible for changing the priority direction of the price movement.
TZ - Target Zone: a zone that, with a probability of 75%, will be reached after the breakdown of the IZ.
GZ - Gold Zone: zone in the medium-term impulse.
SZ - Stop Zone: point of Stop Loss setting, selected statistically.
All zones are calculated based on the average daily price of the instrument and margin requirements of the futures.
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