Oil price forecast for today: USCrude analysis 16.06.2022

The short-term oil downtrend continued yesterday. As a result, the Target Zone 112.97 – 112.14 was reached. After reaching the TZ, oil corrected and tested the Additional Zone 114.63 – 114.42.

The Additional Zone is a strong resistance level in which it is possible to consider new sales with the first target at yesterday’s low.

If yesterday’s low is updated, there will be a high probability of breaking out the Target Zone. In this case, the next sales target will be the Gold Zone 108.80 – 108.38.

USCrude trading ideas for today:

  1. Sell according to the pattern in Additional Zone 114.63 – 114 42.
    TakeProfit: 112.38.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone 116.93 – 116.51.
    TakeProfit: 112.38.
    StopLoss: according to the pattern rules.

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