Oil price forecast for today: USCrude analysis 01.12.2021

The short-term oil downtrend continued yesterday. As a result, the Gold Zone 65.08 – 64.83 was reached. After reaching the GZ, large sales were closed and speculative buy trades were opened. As part of the correction, the price reached the trend key resistance 67.10 – 66.84.

Today the short-term trend reversed up as the Intermediary Zone 67.10 – 66.84 was broken out. Now the target for purchases is the upper Target Zone 69.90 – 69.39. At the bottom, the zone of good buy prices has been formed, which consists of a price range of 67.02 – 65.49. In this zone, I recommend looking for a pattern to enter a long trade and fixing the first part of the trade when the price breaks out the day’s high.

USCrude trading ideas for today:

Open buy positions according to the pattern in 67.02 – 65.49.

TakeProfit: 68.24, Target Zone 69.90 – 69.39.

StopLoss: according to the pattern rules.

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