Oil price forecast for today: USCrude analysis  08.04.2022

Yesterday, traders updated the previous local low and tried to break out the Target Zone 96.93 – 95.86, but failed.

Today the correction is developing. Its probable target is the test of the Intermediary Zone 98.57 – 98.10. After the IZ test, look for new oil sales with the first target at yesterday’s low and the second target in the Gold Zone 91.56 – 91.02.

An alternative buy scenario suggests the price consolidation above level 98.57 at the American session. In this case, the trend will reverse up. Therefore, from the next trading day, it will be possible to look for long trades with the target in the upper Target Zone 103.80 – 102.85.

USCrude trading ideas for today:

Sell according to the pattern in Intermediary Zone 98.57 – 98.10.

TakeProfit: 93.49, Gold Zone 91.56 – 91.02.

StopLoss: according to the pattern rules.

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