Oil price is down, being corrected, but the middle-term trend is upward.
Oil price is approaching the key support to the middle-term uptrend [68.05 – 67.74]. After it reaches the zone, I recommend looking for purchases with a target to renew this week’s high. A part of positions, if everything goes according to the plan, can be held on in Target Zone 3 [73.86 – 73.55].
4-Hour Crude Oil
Let’s analyze the local short-term trend.
Oil is trading down in the short-term. According to the trading system, there should sell positions, opened with a target in Target Zone [68.05 – 67.74]. There was an opportunity to enter sells in Additional Zone [69.34 – 69.26] yesterday.
I recommend you to close all positions in TZ and follow how oil traders will respond to the middle-term support test. If WTI price is corrected, I suggest looking for sells; if the key resistance, Intermediary Zone, is broken out, we shall buy the instrument on the next day.
1-Hour Crude Oil
WTI trading tips for today:
Hold on a part of sell positions in Additional Zone [69.34 – 69.26]. TakeProfit: Target Zone [68.05 – 67.74]. StopLoss: at breakeven.
XAUU/SD quotes are being corrected in the middle-term uptrend. Yesterday, the zone of good buy prices [1194.3 – 1180.2] was tested. I feel like buying gold, but there hasn’t been a buy signal, according to technical analysis.Therefore, I suggests expecting a signal/a pattern in shorter timeframes to buy. The target is the last week’s high and Target Zone 2 [1225.3 – 1222.2].
I suggest selling for the intraday trading, as the local trend is downward. Additional Zone [1198.2 – 1197.4] has been tested at the Asian session today. According to the trading recommendations, we should have sell position opened with the targets at 1190.0 and in Target Zone [1183.3 – 1180.2].
If the instrument price is being corrected deeper towards Intermediary Zone [1206.7 – 1205.1], I recommend you to look for sells again, but according to the pattern already. The targets will be the same.
XAU/USD trading tips for today: