Oil price forecast for today: USCrude analysis 03.02.2023

The oil short-term trend turned down yesterday. The price broke out the trend key support 77.42 – 76.89. Now, the downside target is the lower Target Zone 72.17 – 71.12.

It is relevant to sell on the correction when the price reaches resistance (A) 78.99 – 78.64 or resistance (В) 80.92 – 80.39. To enter a sell trade, one should expect the test of these zones and detect a corresponding pattern. The first downside target will be yesterday’s low. 

USCrude trading ideas for today:

  1. Sell according to the pattern at resistance (А) 78.99 – 78.64.
    TakeProfit: 75.20.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern at resistance (B) 80.92 – 80.39.
    TakeProfit: 75.20.
    StopLoss: according to the pattern rules.









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