Oil price forecast for today: USCrude analysis 08.06.2022

Oil continued to rise from the highest closing price in three months. Investors are assessing the future of supply and demand as the summer driving season begins in the US and China lifts lockdowns.

The short-term oil trend remains up. Yesterday, traders tried to consolidate the price below the Additional Zone 117.03 – 116.82, but unsuccessfully. As a result, the growth continues. Now the price is trying to break out the Target Zone 119.53 – 118.66 and update June 6 high.

If the buyers manage to consolidate the price above the Target Zone, the next target for purchases will be the Gold Zone 123.47 – 123.03. Otherwise, the correction will continue with the target in the Intermediary Zone 114.95 – 114.53.

USCrude trading ideas for today:

  1. Buy according to the pattern in Additional Zone 117.03 – 116.82.
    TakeProfit: 119.13.
    StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone 114.95 – 114.53.
    TakeProfit: 119.13.
    StopLoss: according to the pattern rules.

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