Oil price forecast for today: USCrude analysis
Oil price broke through June’s high yesterday. It didn’t break out Target Zone 5 [41.67 – 40.92]. The price is now trading in the resistance zone.
The further trend will depend on whether buyers consolidate the price above TZ 5. If they do, the next upside target will be Target Zone 6 [49.17 – 48.42], and we shall enter new purchases on the correction. Otherwise, the price will be corrected down to the trend key support.
The oil short-term trend is up. Bulls are now trying to break out TZ5. The US session closed…
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