Oil Forecast for today: US Crude analysis 24.05.2022

Oil prices have corrected. Traders tested the Additional Zone 109.03 – 108.82 yesterday. Today, sellers are trying to break that zone out and consolidate below. If they succeed, the correction will continue with a target of 106.85 – 106.41 at the trend’s boundary.

Once the trend boundary is tested, I suggest considering a pattern to buy. If it occurs, we could open long positions in oil with the first target at yesterday’s high. A second growth target will be the upper Target Zone 112.59 – 111.72.

For the trend to reverse down, market participants have to consolidate below 106.41 during the US session.

Trading plan for USCrude for today:

Buy according to the pattern from Intermediary Zone 106.35 – 105.92.

TakeProfit: 110.60, Target Zone 112.59 – 111.72.

StopLoss: according to pattern rules.

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