Oil price forecast for today: USCrude analysis     03.05.2022 

Oil broke out the Intermediary Zone, 102.67 – 102.23. The short-term trend has reversed down. After the IZ breakout, the price went into correction and tested the new trend’s key resistance of 104.34 – 103.90. Oil is currently trading below key resistance, so consider sales according to the pattern with the target at yesterday’s low.

Open long trades if buyers manage to consolidate the price above level 104.34 in the American trading session today. In this case, the short-term trend will reverse up, and the upper Target Zone, 109.15 – 108.27 will become the target for purchases.  

USCrude trading ideas for today:

Buy according to the pattern in Intermediary Zone 104.34 – 103.90.

TakeProfit: 99.64.

StopLoss: according to the pattern rules.

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