Oil price forecast for today: USCrude analysis 08.09.2022

The short-term oil downtrend continued yesterday. As a result, the Gold Zone 84.34 – 83.91 was broken out. The next target for sales is Target Zone 2, 80.04 – 79.18.

It is profitable to consider new oil sales on correction at strong resistance levels, Additional Zone 83.65 – 83.44 and Intermediary Zone 86.02 – 85.59.

To enter short trades, wait for the test of the abovementioned zones and the formation of a reversal pattern, which will provide the necessary entry point.

USCrude trading ideas for today:

  1. Sell according to the pattern in Additional Zone 83.65 – 83.44.
    TakeProfit: 81.32.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone 86.02 – 85.59.
    TakeProfit: 81.32.
    StopLoss: according to the pattern rules.

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