Oil price forecast for today: USCrude analysis 11.05.2023

The oil short-term uptrend continues. The oil traders are trying to break out the Target Zone 73.53 – 72.66. If the price breaks out the TZ and consolidates above, the next upside target will be the Gold Zone 75.85 – 75.56.

It is relevant to enter new purchases at support (А) 70.89 – 70.60 and support (В) 69.44 – 69.01. Expect a buy pattern to form before you enter purchases. The first upside target is yesterday’s high.

USCrude trading ideas for today:

  1. Buy according to the pattern at support (А) 70.89 – 70.60.
    TakeProfit: 73.75.
    StopLoss: according to the pattern rules.
  2. Buy according to the pattern at support (В) 69.44 – 69.01.
    TakeProfit: 73.75.
    StopLoss: according to the pattern rules.





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