Oil price forecast for today: USCrude analysis  29.04.2022

The short-term oil uptrend continued yesterday. As a result, the Target Zone 104.66 – 103 79 was reached. Today, traders are trying to break out this TZ and consolidate the price higher. If they succeed, the next buy target will be the Gold Zone 108.60 – 108.16. Otherwise, the oil will correct.

If the correction starts, expect the price in the Additional Zone 103.37 – 103.15. After testing the AZ, look for a new buy pattern with a target at today’s high.

If the Additional Zone is broken out downside, the correction will continue with the target in the Intermediary Zone 101.19 – 100.75. The IZ serves as the trend border.

USCrude trading ideas for today:

  1. Buy according to the pattern in Additional Zone 103.37 – 103.15.
    TakeProfit: 105.50.
    StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone 101.19 – 100.75.
    TakeProfit: 105.50, Target Zone 104.66 – 103.79.
    StopLoss: according to the pattern rules.

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