Oil price forecast for today: USCrude analysis 08.08.2022

As part of a short-term downtrend last week, the price reached the Gold Zone 88.02 – 87.59 but didn’t break it out. On Friday, the price returned to the beforementioned level. An upward correction is now developing with a likely target to test the trend key resistance of 91.10 – 90.67. After that, consider new sales according to the pattern with a target at August 5 low.

To enter purchases, traders need to break out level 91.10 and consolidate the price higher in the American session. In this case, the short-term trend will reverse up, and the target for purchases will be the upper Target Zone 95.83 – 94.97.

USCrude trading ideas for today:

Sell according to the pattern in Intermediary Zone 91.10 – 90.67.

TakeProfit: 86.47.

StopLoss: according to the pattern rules.

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