Oil price forecast for today: USCrude analysis 06.06.2022

Oil reached the upper Target Zone 119.53 – 118.66 as part of a short-term uptrend. The correction starts today. As part of it, the price tries to test the Additional Zone 117.03 – 116.82. After testing the AZ, it will be possible to consider new purchases according to the pattern with the target at today’s high.

If the Additional Zone is broken out downside during the trading session, the correction will continue with the target in the Intermediary Zone 114.95 – 114.53. The IZ serves as the trend’s border. After reaching it, also look for purchases according to the pattern.

USCrude trading ideas for today:

  1. Buy according to the pattern in Additional Zone 117.03 – 116.82.
    TakeProfit: 119.13.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone 114.95 – 114.53.
    TakeProfit: 119.13.
    StopLoss: according to the pattern rules.

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