Weekly US Oil Forecast 4-8 March 2024

US Oil Forecast 4-8 March 2024

US oil prices experienced a significant recovery against the US dollar last week, and I expect further upward movement in oil prices in the weekly analysis from March 4th to 8th, 2024.

Weekly US Oil Forecast 4-8 March 2024 

1. Weekly US Oil Forecast 4-8 March 2024 1D Time frame
2. Weekly US Oil Forecast 4-8 March 2024 1HTime frame
3. Us Oil Entry Trade  4-8 March 2024 

1.Weekly US Oil Forecast 4-8 March 2024 1D Time frame

In the daily timeframe, US oil prices have shown a clear upward trend as indicated in the chart below, with a break of the recent price peak at the level of 79. I anticipate a corrective move in US oil prices to the downside before continuing the ascent.

Weekly US Oil Forecast 4-8 March 2024 1D Time frame

2.Weekly US Oil Forecast 4-8 March 2024 1HTime frame

In the hourly timeframe, we have a buying opportunity in oil near the demand zone at $77. Therefore, we will wait for a correction in oil prices to the downside before initiating a buy, as illustrated in the chart below.

Weekly US Oil Forecast 4-8 March 2024 1HTime frame

3.Us Oil Entry Trade  4-8 March 2024 

Buy Limit : 77,64

Stop loss : 77,13

Take Profit : 80

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