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Oil price forecast for today: USCrude analysis 02.05.2022

Last week, the Target Zone, 104.66 – 103.79 was broken out as part of a short-term oil uptrend. After that, the price corrected in the Intermediary Zone, 102.67 – 102.23.

The Intermediary Zone serves as the border of a short-term uptrend, so today, look for oil purchases according to the pattern, with the first target at Friday’s high. The second target for purchases will be the Gold Zone, 108.60 – 108.16.

To enter sales and reverse the trend, sellers need to consolidate the price below level 102.23. In this case, consider short trades with the target in the lower Target Zone, 98.30 – 97.42.

USCrude trading ideas for today:

Buy according to the pattern in Intermediary Zone 102.67 – 102.23.

TakeProfit: 106.90, Gold Zone 108.60 – 108.16.

StopLoss: according to the pattern rules.




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