Oil Forecast for today: USCrude analysis 26.01.2022

Oil continues trending up in the short term. The price is growing from key support at 84.00 – 83.05. The growth target is updating 20 January’s high and reaching the Target zone 2 at 88.69 – 88.10.

Yesterday, I recommended buying according to the pattern from the support zone mentioned above. The market provided the pattern, so I suggest holding your positions today, keeping the targets unchanged. Stop Loss should be moved to a breakeven zone.

If the price slumps and breaks out level 83.05, the short-term trend will reverse down. We will then consider selling oil with a target in the lower Target zone at 81.07 – 80.49.

Trading plan for USCrude for today:

Hold long positions from Intermediary Zone 84.00 – 83.70.

TakeProfit: 86.86.

Target zone 2 — 88.69 – 88.10.

StopLoss: at a breakeven level.

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