Oil price forecast for today: USCrude analysis 04.03.2022

Yesterday, against the background of Russian-Ukrainian negotiations and agreements on humanitarian corridors, oil fell sharply and reversed the short-term trend down. The key resistance of the new downtrend 109.10 – 108.70 was also tested. After the resistance test, the price returned to the Target Zone again. At the American session the price closed in the zone of 106.53 – 105.73.

During the Asian trading session, oil price again corrected in the key resistance zone, which shifted to the levels of 110.29 – 109.89. The oil sales began again with a test of the Target Zone.

Today in the European session, the key resistance moved even higher to the zone of 110.80 – 110.40. After the price reaches it, look for sales with a target at the Asian trading session’s low.

USCrude trading ideas for today:

Sell according to the pattern in Intermediary Zone 110.80 – 110.40.

TakeProfit: 106.43.

StopLoss: according to the pattern rules.

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