Oil price forecast for today: USCrude analysis 06.03.2023

The oil short downtrend continues. Last Friday, the price reached resistance (B) 79.29 – 78.79 and tried to break it out. However, on Monday, the price started declining and is now trading in the resistance zone. If the price continues falling and goes down below level 78.79, one could enter sell trades with a target at the low of February 22.

If the high of February 3 is broken through, resistance (B) will be broken out. In this case, the short-term trend will turn up, and it will be relevant to buy with a target at the upper Target Zone 84.73 – 83.74.

USCrude trading ideas for today:

Sell according to the pattern at resistance (В) 79.29 – 78.79.
TakeProfit: 73.85.
StopLoss: according to the pattern rules.

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