Oil Forecast for today: USCrude analysis 26.07.2022

Oil’s short-term trend remains downward. Market participants are testing the trend’s key resistance at 97.13 – 96.70. If the price returns below the resistance level, expect a pattern to form and then sell oil with a target at yesterday’s low. 

If the Intermediary Zone is broken out to the upside and the American session closes above, the short-term trend will reverse up. We will then consider buying oil with a target in the upper Target Zone at 101.86 – 101.00. 

Trading plan for USCrude for today:

Sell according to the pattern from Intermediary Zone 97.13 – 96.70.

TakeProfit: 92.50.

StopLoss: According to pattern rules.

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