Oil price forecast for today: USCrude analysis 01.11.2022

The oil short-term uptrend continues. The market tested the Intermediary Zone 85.54 – 85.17. The buyers responded, and the oil price is now rising with a target around the high of October 27. If the market breaks through the high of October 27, it could break out the upper Target Zone 89.51 – 88.76. If so, the next upside target will be Gold Zone 92.88 – 92.51.

It will be relevant to sell oil if the price breaks out level 85.17 and closes below at the US trading session. Of so, the short-term trend will turn down, giving an opportunity to sell.

USCrude trading ideas for today:

Hold up purchases entered in Intermediary Zone 85.54 – 85.17.

TakeProfit: 89.24.

StopLoss: 84.70.

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