Oil price forecast for today: USCrude analysis 09.03.2022

The short-term oil uptrend continues. Yesterday, another local high was updated. After the formation of a local high, the price corrected and tested the key support of the short-term uptrend 119.94 – 119.34. The buyers’ reaction occurred in this support.

Now buyers are trying to break out the Target Zone 124.85 – 123.80 and consolidate the price higher. If they succeed, the next buy target will be the Gold Zone 129.58 – 129.05. Thus, look for oil purchases today with a target at yesterday’s high.

To sell oil, traders need to break out level 119.34 and consolidate the price lower.

USCrude trading ideas for today:

Buy according to the pattern in Intermediary Zone 119.94 – 119.34.

TakeProfit: 126.33.

StopLoss: according to the pattern rules.

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