Oil price forecast for today: USCrude analysis 05.12.2022

The oil price is going down in the correction opposite the short-term uptrend currently ongoing. The correction target is support (A) 79.54 – 79.16. After this zone is reached, one could enter new purchases with the first target at the high of December 1.

If support (A) is broken out downside, the correction will continue down to support (B) 77.66 – 77.10. Support (B) is the trend border, where one could also enter purchases in the uptrend.

USCrude trading ideas for today:

  1. Buy according to the pattern at support (А) 79.54 – 79.16.
    TakeProfit: 83.21.
    StopLoss: according to the pattern rules.
  2. Buy according to the pattern at support (В) 77.66 – 77.10.
    TakeProfit: 83.21.
    StopLoss: according to the pattern rules.

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