Oil price forecast for today: USCrude analysis 07.11.2022

Oil short-term uptrend continues. Last Friday, the price broke out Target Zone 89.51 – 88.76. The upside target is now the Gold Zone 92.88 – 92.51.

Currently, the price is being corrected and testing the Additional Zone 90.20 – 90.01. The AZ is the strong support level, where one could enter new oil purchases with a target at the high of last Friday.

If the AZ is broken out downside, the correction will continue down to the Intermediary Zone 88.32 – 87.95. The IZ is the border of the short-term uptrend. When it is reached by the price, one could enter purchases according to the pattern.

USCrude trading ideas for today:

  1. Buy according to the pattern in Additional Zone 90.20 – 90.01.
    TakeProfit: 92.06.
    StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone 88.32 – 87.95.
    TakeProfit: 92.06.
    StopLoss: according to the pattern rules.

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