Oil price forecast for today: USCrude analysis 07.03.2022

Today oil trades opened with a gap. The price reached the Gold Zone 4 124.13 – 123.75. After reaching the GZ 4, the price started a correction and tested the Intermediary Zone 120.47 – 120.02. The IZ serves as the trend border. The buyers’ reaction and the price growth can be seen in it. The day’s high serves as the growth target at the moment. If traders manage to consolidate the price above today’s high, the next target will be the TZ 5 128.31 – 127.55.

Today the priority scenario for traders is to search for purchases with the targets indicated above. An alternative scenario: expect the breakout of the trend key support and further sales in the lower TZ 115.97 – 115.07.

USCrude trading ideas for today:

  1. Buy according to the pattern in Intermediary Zone 120.47 – 120.02.

    TakeProfit: 124.80.

    StopLoss: according to the pattern rules.
  2. If the Intermediary Zone 120.47 – 120.02 is broken out, sell on retest.

    TakeProfit: Target Zone 115.97 – 115.07.

    StopLoss: 122.30.

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