Oil price forecast for today: USCrude analysis 09.08.2022

The short-term oil downtrend continues. Yesterday, the price was corrected and updated Friday’s high. However, traders failed to reach the Intermediary Zone 91.10 – 90.67, which serves as the trend’s border. After reaching it, consider new sales according to the pattern with a target at August 5 low.

An alternative scenario suggests a breakout and price consolidation above the Intermediary Zone. In this case, the short-term trend will reverse up, so consider oil purchases with a target in 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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