Oil price forecast for today: USCrude analysis 02.01.2023

The oil short-term uptrend continues. The upside target is the high of January 23. The price tested the trend key support 77.42 – 76.89 yesterday. Following the key support test, buyers reacted, and the price went up at the end of the US session. The market should continue rising today.

An alternative scenario suggests the price should break through yesterday’s low and consolidate below level 76.89. In this case, the short-term trend will turn down, and it will be relevant to sell oil with a target at the lower Target Zone.

USCrude trading ideas for today:

Hold up purchases entered at support (В) 77.42 – 76.89.
TakeProfit: 82.63.
StopLoss: at breakeven.

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