Oil price forecast for today: USCrude analysis 10.03.2022

Yesterday, the short-term oil trend reversed down. The key support 109.94 – 109.34 was broken out. As a result, the price reached the Target Zone 114.37 – 113.17. The level of 113.17 was also broken out, and the price fell further down the trend. First, it reached the Gold Zone 108.37 – 107.77, and then the Target Zone 2 102.37 – 101.17.

After such large-scale oil sales, the price went into correction. Yesterday, it tested the Intermediary Zone 107.12 – 106.52. The IZ serves as the border of a short-term downtrend. At the moment, traders are testing it. If a sell pattern is formed, I recommend selling oil with a target at yesterday’s low. If the IZ is broken out (first level 108.00 should be broken out), then the short-term trend will reverse up. In this case, it will be possible to consider purchases with a target in the upper TZ 113.72 – 112.52.

USCrude trading ideas for today:

Sell according to the pattern in the zone of 108.00 – 106.52.

TakeProfit: 100.85.

StopLoss: according to the pattern rules.

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