Oil price forecast for today: USCrude analysis 11.05.2022

Yesterday, the short-term oil downtrend continued. As a result, the price reached the Gold Zone 97.18 – 96.74. After that, large sales were closed, and the price corrected. The Intermediary Zone 101.94 – 101.51 was tested today as part of the correction.

The Intermediary Zone serves as the border of a short-term downtrend. Today, look for a pattern to sell oil with a target at yesterday’s low.

If during trading the Intermediary Zone is broken out upside, then the trend will reverse up. In this case, starting tomorrow, look for purchases with the target in the upper Target Zone 106.76 – 105.88.

USCrude trading ideas for today:

Sell according to the pattern in Intermediary Zone 101.94 – 101.51.

TakeProfit: 97.18.

StopLoss: according to the pattern rules.

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