Oil Forecast for today: USCrude analysis  31.05.2022

Oil’s short-term uptrend continues, with the Gold Zone 116.53 – 116.09 reached. For the price to continue growing, market participants need to consolidate above the Gold Zone. If so, the next buying target will be the Target Zone 121.34 – 120.47.

To open new longs, wait until the price corrects and tests strong support levels — the Additional Zone 115.26 – 115.04 and the Intermediary Zone 113.07 – 112.63. Once the margin zones are tested, wait for a pattern to form and open a long position with a target at today’s high.

Trading plan for USCrude for today:

  1. Buy according to the pattern from Additional Zone 115.26 – 115.04.
    TakeProfit: 117.40.
    StopLoss: according to pattern rules.
  2. Buy according to the pattern from Intermediary Zone 113.07 – 112.63.
    TakeProfit: 117.40.
    StopLoss: according to pattern rules.

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