Oil price forecast for today: USCrude analysis29.03.2022

The short-term oil trend reversed down yesterday. As a result, the Intermediary Zone 109.82 – 109.22 was broken out. Then the traders reached the Target Zone 103.82 – 102.62. The TZ is being held by buyers, so don’t expect a further price decline yet.

If the price consolidates below level 102.62, then the next target for sales will be the Gold Zone 97.82 – 97.22.

At the moment the price is being corrected and the Additional Zone 104.89 – 104.63 is being tested. The AZ serves as a strong resistance level. Therefore, consider sales according to the pattern with a target at yesterday’s low.

USCrude trading ideas for today:

  1. Sell according to the pattern in Additional Zone 104.89 – 104.63.
    TakeProfit: 102.00.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone 107.85 – 107.31.
    TakeProfit: 102.00.
    StopLoss: according to the pattern rules.

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