Oil price forecast for today: USCrude analysis 05.07.2022

The short-term oil trend reversed up. Yesterday, the Intermediary Zone 107.68 – 107.26 was broken out. Now the target for purchases is the upper Target Zone 112.27 – 111.43.

At the moment, oil correction is unfolding with the target of testing the Additional Zone 107.42 – 107.21. After the test, look for purchases according to the pattern with the first target at today’s high.

If during the trading the Additional Zone is broken out downside, the correction will continue with the target in the Intermediary Zone 105.33 – 104.91. After the IZ test, also look for new purchases.

USCrude trading ideas for today:

  1. Buy according to the pattern in Additional Zone 107.42 – 107.21.
    TakeProfit: 109.47.
    StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone 105.33 – 104.91.
    TakeProfit: 109.47.
    StopLoss: according to the pattern rules.

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