Oil Forecast for today: USCrude analysis  30.05.2022

Oil’s short-term uptrend continued on Friday. As a result, Target zone 112.59 – 111.72 was broken out. The next buying target is Golden zone 116.53 – 116.09. I recommend considering new long trades on corrections from strong support levels — Additional zone 113.02 – 112.80 and Intermediary zone 110.83 – 110.39.

If Additional zone is broken to the downside and the US session closes below it, we could exploit this situation and sell the asset with a target in Intermediary zone.

Trading plan for USCrude for today:

  1. Buy according to the pattern from Additional zone 113.02 – 112.80.
    TakeProfit: 115.16.
    StopLoss: According to pattern rules.
  2. Buy according to the pattern from Intermediary Zone 110.83 – 110.39.
    TakeProfit: 115.16.
    StopLoss: According to pattern rules.

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