Oil price forecast for today: USCrude analysis 31.01.2023

The oil price broke out support (A) 79.17 – 78.82 yesterday. Today, the price is testing support (B) 77.42 – 76.89. The zone is the trend border, so one could enter new purchases with a target at the high of January 23.

If support (B) is broken out and the price consolidates below, the oil short-term trend will turn down. In this case, it will be relevant to sell oil with a target in the lower Targte Zone 72.17 – 71.12.

USCrude trading ideas for today:

Buy according to the pattern at support (В) 77.42 – 76.89.
TakeProfit: 82.63.
StopLoss: according to the pattern rules.







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