Oil price forecast for today: USCrude analysis  04.05.2022

Yesterday, oil traders tested the Intermediary Zone, 104.34 – 103.90 and tried to reverse the short-term trend up. It was not possible to break out the zone. At the close of the American session, the price fell. However, traders did not form a sell pattern.

In this regard, two scenarios remain possible. The first one requires the formation of a sell pattern and price reduction to update May 2 low. The second option implies the trend reversal by updating May 2 high and price consolidation above the Intermediary Zone. In this case, the price will move towards the Target Zone, 109.15 – 108.27.

USCrude trading ideas for today:

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

TakeProfit: 99.64.

StopLoss: according to the pattern rules.

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