Oil price forecast for today: USCrude analysis05.04.2022

Yesterday, oil corrected in the short-term downtrend. As part of the correction, the key resistance zone of 102.80 – 102.26 was reached. The zone was held, so sales remain a priority today. To enter sales, look for a pattern. This requires the price to return below level 102.26.

The sales target will be April 1 low. If the Target Zone 96.93 – 95.86 is broken out downside and the price consolidates lower, the next target will be the Gold Zone.

Traders need to consolidate the price above level 102.80 in the American trading session to enter oil purchases. In this case, the trend will reverse up, and the upper Target Zone 108.71 – 107.64 will become the target for purchases.

USCrude trading ideas for today:

Sell according to the pattern in Intermediary Zone 102.80 – 102.26.

TakeProfit: 96.93.

StopLoss: according to the pattern rules.

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