Oil price forecast for today: USCrude analysis 03.03.2022

The short-term oil uptrend continues to strengthen. Yesterday, the traders tested the key support of 106.63 – 106.23, which was held by the buyers. In this key support, the prices rose and broke out the Gold Zone 2 108.93 – 108.55. After the GZ 2 breakout the Target Zone 3 113.11 – 112.35 was reached. Now traders are trying to break out the TZ 3 and consolidate the price higher. If successful, the next target for purchases will be Gold Zone 3 116.53 – 116.15.

It is reasonable to consider new oil purchases on correction in the trend key support of 109.67 – 109.27. Today’s high will serve as a profit-taking target. If the high is updated during trading at the European and American trading sessions, then it would be necessary to rearrange the margin zones.

USCrude trading ideas for today:

Buy according to the pattern in Intermediary Zone 109.67 – 109.27.

TakeProfit: 114.00.

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.