Oil price forecast for today: USCrude analysis 11.08.2022

Yesterday, traders tried to break out the Gold Zone 88.02 – 87.59. However, the support level was held by buyers. As a result, the price rose again. Now the price is trying to break out the key resistance of the short-term downtrend 91.10 – 90.67. The Intermediary Zone will likely be broken out upside, and the trend will reverse up. In this case, consider oil purchases with the target in the upper Target Zone 95.83 – 94.97.

Today everything will depend on the price at the close of the US trading session. If the price closes below the Intermediary Zone, the short-term downtrend will continue. Therefore, from tomorrow consider new oil sales with a target at August 5 low.

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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