Oil price forecast for today: USCrude analysis 16.02.2023

The oil price yesterday tested support (A) 77.44 – 77.11 and continued a short-term uptrend. The upside target is the high of February 13. If the high of Feb 13 is exceeded by the price, the next upside target will be Target Zone 84.03 – 82.98.

If correction continues and yesterday’s low is broken through, support (A) will be broken out, and the price will go down to support (B) 75.79 – 75.29. This is the border of the short-term uptrend, and you can also enter buy trades in the zone.

USCrude trading ideas for today:

  1. Hold up purchases entered at support (А) 77.44 – 77.11.
    TakeProfit: 80.72.
    StopLoss: at breakeven.
  2. Buy according to the pattern at support (В) 75.79 – 75.29.
    TakeProfit: 80.72.
    StopLoss: according to the pattern rules.

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