Oil price forecast for today: USCrude analysis 16.05.2022

As part of a short-term uptrend on Friday, the Target Zone 106.76 – 105.88 was broken out. The next target for purchases is the Gold Zone 110.69 – 110.26. It is profitable to look for new purchases on correction after the test of the trend key support 105.49 – 105.05. A pattern is required for entering purchases.

An alternative sales scenario suggests a breakout of the Intermediary Zone and price consolidation below in the American session. In this case, the short-term trend will reverse down, so consider sales with a target in the lower Target Zone.

USCrude trading ideas for today:

Buy according to the pattern in Intermediary Zone 105.49 – 105.05.

TakeProfit: 109.80.

StopLoss: according to the pattern rules.

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