Oil price forecast for today: USCrude analysis 08.11.2022

Yesterday, the oil traders were testing the Additional Zone 90.20 – 90.01. The zone was held up, and the price reached the Gold Zone 92.88 – 92.51, the trend resistance. The oil traders also tried to break this zone upside, but failed.

The price is now trading in the correction and testing the new Additional Zone 91.03 – 90.85. The AZ is the strong support level, where one could enter new purchases according to the pattern with a target at yesterday’s high.

If the AZ is broken out, the correction will continue down to the Intermediary Zone 89.16 – 88.78.

USCrude trading ideas for today:

  1. Buy according to the pattern in Additional Zone 91.03 – 90.85.
    TakeProfit: 92.88.
    StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone 89.16 – 88.78.
  3. TakeProfit: 92.88.
    StopLoss: according to the pattern rules.

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