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.


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