Oil price forecast for today: USCrude analysis 06.07.2022

The short-term oil uptrend reversed down yesterday. As a result, the price reached the Target Zone 101.15 – 100.32, then broke it out, eventually reaching the Gold Zone 96.98 – 96.56.

After reaching the Gold Zone, the price corrected and tested the border of the new trend of 100.29 – 99.87. Since sellers held the trend border, it is possible to consider new sales in it with a target at yesterday’s low.

To enter oil purchases, traders need to break out the Intermediary Zone and consolidate the price higher. In this case, the short-term trend will reverse up.

USCrude trading ideas for today:

Sell according to the pattern in Intermediary Zone 100.29 – 99.87.

TakeProfit: 95.84.

StopLoss: according to the pattern rules.

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