Oil price forecast for today: USCrude analysis 02.03.2022

Events in Ukraine are becoming more complicated. Due to this, many European leaders spoke out in favor of a Russian oil and gas blockade. As a result, WTI prices sharply strengthened from 94.85 to 104.75 during yesterday’s trading session. At the moment, a breakout of the Target Zone 2 105.51 – 104.75 and a further move to the Gold Zone 2 108.93 – 108.55 are expected.

It is reasonable to consider new oil purchases within a short-term uptrend at strong support levels, the Additional Zone 105.95 – 105.75 and the Intermediary Zone 103.95 – 103.55. To open long trades, wait for the zone test umbrella, look for a buy pattern and open a long trade with the target at today’s high.

USCrude trading ideas for today:

  1. Buy according to the pattern in Additional Zone 105.95 – 105.75.

    TakeProfit: 108.55.

    StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone 103.95 – 103.55.

    TakeProfit: 108.55.

    StopLoss: according to the pattern rules.

Myanfx-edu does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance, or financial circumstances of any specific investor and might not be suitable for all investors.

Go to Register with LiteForex Platform

Financial Trading is not suitable for all investors & involved Risky. If you through with this link and trade we may earn some commission.

Want to Trade Online?

Easy Trading Platform

Copy Experienced Traders

Trade from Your Pocket

Trade with Liteforex

CFD Trading on financial markets carries risks. Before deciding to trade, you need to ensure that you understand the risks involved.