Oil price forecast for today: USCrude analysis 10.05.2022

Yesterday, the short-term oil trend reversed down after breaking out the Intermediary Zone 105.93 – 105.49. As a result, traders reached the lower Target Zone 101.56 – 100.68.

Today, sellers unsuccessfully tried to break out the abovementioned Target Zone. As a result, the price went into correction. As part of the correction, the price is testing the Additional Zone 101.79 – 101.57, which serves as a strong resistance level. It is possible to consider new sales in the beforementioned AZ with the target at today’s low.

The trend key resistance is shifting to the zone of 104.20 – 103.76. If this zone is tested, look for sales according to the pattern.

USCrude trading ideas for today:

  1. Sell according to the pattern in Additional Zone 101.79 – 101.57.
    TakeProfit: 99.51.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone 104.20 – 103.76.
    TakeProfit: 99.51.
    StopLoss: according to the pattern rules.

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