Oil price forecast for today: USCrude analysis  01.08.2022

Last Friday, the oil price broke out the key resistance of the short-term downtrend 97.13 – 96.70 and reached the upper Target Zone 101.86 – 101.00. Next, the price was corrected down and tested the key support of the new trend 96.62 – 96.19. I recommend entering purchases in the key support zone according to the pattern with a target to break through the high of Friday.

If the price breaks out level 96.19 and consolidates below, the short-term trend will turn down. In this case, we will sell oil with a target in the lower Target Zone 92.32 – 91.46. 

USCrude trading ideas for today:

Buy according to the pattern in the Intermediary Zone 96.62 – 96.19.

TakeProfit: 100.81.

StopLoss: according to the pattern rules.

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