Oil price forecast for today: USCrude analysis 07.02.2022

The short-term oil uptrend continues, within which the Gold Zone 2 91.32 – 91.03 was reached. After reaching the GZ, a price correction occurred. Today, the Additional Zone 90.23 – 90.07 was tested at the market opening. Buyers’ reaction was visible in the Additional Zone during the Asian trading session. Today’s traders’ goal is to search for purchases according to the pattern, with the first target at Friday’s high.

If Friday’s high is updated and the price consolidates higher, then the next buy target will be Target Zone 3 94.54 – 93.95.

To enter oil sales, traders need to break out level 90.07 and consolidate the price below. In this case, the price will go into a deep correction with the target in the Intermediary Zone 88.69 – 88.38. 

USCrude trading ideas for today:

  1. Buy according to the pattern in Additional Zone 90.23 – 90.07.

    TakeProfit: 91.75.

    StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone 88.69 – 88.38.

    TakeProfit: 91.75.

    StopLoss: according to the pattern rules.

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