Oil price forecast for today: USCrude analysis  01.07.2022

Oil reached the lower Target Zone 104.33 – 103.50 within a short-term downtrend. The TZ is not broken out, so no further decline is expected yet. Price consolidation in the American session below level 103.50 is required for a further price reduction. In this case, the target will be the Gold Zone 100.16 – 99.74.

Nevertheless, it is possible to consider new sales on correction at strong resistance levels within the trend. The nearest strong resistance is the Additional Zone 105.38 – 105.17. The trend border is shifting to the zone of 107.68 – 107.26, where it is possible to open sales according to the pattern with the target at today’s low.

USCrude trading ideas for today:

  1. Sell according to the pattern in Additional Zone 105.38 – 105.17.
  2. TakeProfit: 103.16.
  3. StopLoss: according to the pattern rules.

  1. Sell according to the pattern in Intermediary Zone 107.68 – 107.26.
  2. TakeProfit: 103.16.
  3. StopLoss: according to the pattern rules.

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