Oil price forecast for today: USCrude analysis 16.08.2022

The short-term oil trend reversed down yesterday. The trend key support 90.00 – 89.57 was broken out. Now the target for sales is the lower Target Zone 85.70 – 84.84.

Now the price is correcting and testing the Additional Zone 88.68 – 88.46. In this zone, consider sales with a target at yesterday’s low.

If the Additional Zone is broken out upside as a part of the correction, then wait for the price to move to the Intermediary Zone 91.04 – 90.61. In this zone, also consider sales according to the pattern with the target at August 15 low.

USCrude trading ideas for today:

  1. Sell according to the pattern in Additional Zone 88.68 – 88.46.
    TakeProfit: 86.38.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone 91.04 – 90.61.
    TakeProfit: 86.38.
    StopLoss: according to the pattern rules.

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