Oil price forecast for today: USCrude analysis 04.07.2022

The short-term oil trend remains down. Last week, on Friday, traders reached the lower Target Zone 104.33 – 103.50. After reaching the TZ, the price was corrected and tested the Intermediary Zone 107.68 – 107.26.

The Intermediary Zone serves as the short-term trend’s border. It was held, so today, it is relevant to search for sales according to the pattern with the target at Friday’s low.

To enter purchases, traders need to break out level 107.68 and consolidate the price in the American session higher. In this case, the short-term trend will reverse up, and the upper Target Zone 112.27 – 111.43 will become the target for purchases. 

USCrude trading ideas for today:

Sell according to the pattern in Intermediary Zone 107.68 – 107.26.

TakeProfit: 103.16.

StopLoss: according to the pattern rules.

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