Oil price forecast for today: USCrude analysis 06.06.2023

The oil price was corrected, and closed the gap occurred on Monday. The price is approaching support (А) 71.41 – 71.12. When this support is tested, the oil short-term uptrend could continue. Therefore, I suggest entering purchases according to the pattern with a target at yesterday’s high after support (A) is tested. If the price exceeds yesterday’s high, the upside target will be the upper Target Zone 76.67 — 75.80.

If support (A) is broken out, the price will go down to support (B) 69.96 – 69.53, where one could also enter long trades with a target at the high of June 5.

USCrude trading ideas for today:

  1. Buy according to the pattern at support (А) 71.41 – 71.12.
    TakeProfit: 74.23.
    StopLoss: according to the pattern rules.
  2. Buy according to the pattern at support (В) 69.96 – 69.53.
    TakeProfit: 74.23.
    StopLoss: according to the pattern rules.

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