Oil price forecast for today: USCrude analysis 03.11.2022

Oil short-term uptrend continued. The high of October 27 was broken through. Oil traders tried to break out the upper Target Zone 89.51 – 88.76, but failed.

The oil price is now being corrected down with a potential target to test Additional Zone 87.80 – 87.61. After the AZ zone test, I suggest entering new purchases according to the pattern with a target at yesterday’s high.

If the price breaks out the Additional Zone downside within the correction, the oil price should reach the Intermediary Zone 85.92 – 85.55, which is the border of the short-term uptrend. In this scenario, one could also enter purchases after the price reaches the IZ.

USCrude trading ideas for today:

  1. Buy according to the pattern in Additional Zone 87.80 – 87.61.
    TakeProfit: 89.61.
    StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone 85.92 – 85.55.
    TakeProfit: 89.61.
    StopLoss: according to the pattern rules.

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