Oil price forecast for today: USCrude analysis 01.02.2022

Yesterday, traders tried unsuccessfully to break out the Additional Zone 86.66 – 86.51. As a result, a false breakout pattern was formed. Now the price continues to strengthen. The growth target is the January 28 high. After updating the high, expect a test of the outer border of the Target Zone 2 88.69.

To enter short trades, it is necessary that sellers hold the resistance level of 87.39 – 87.23. In this case, wait for the reversal pattern to appear and sell oil with the target in the Intermediary Zone 85.12 – 84.82.

USCrude trading ideas for today:

  1. Hold up a part of purchases entered in Additional Zone 86.66 – 85.61.

    TakeProfit: 88.10.

    StopLoss: at the breakeven.
  2. Sell according to the pattern in the zone of 87.39 – 87.23.

    TakeProfit: Intermediary Zone 85.12 – 84.82.

    StopLoss: according to the pattern rules.

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