Oil price forecast for today: USCrude analysis 16.11.2022

Oil price is being corrected up in the short-term downtrend. As a part of the correction, the price tested the key resistance zone 87.67 – 87.29. The resistance was held down, and the oil price is falling now. The downside target is to break through yesterday’s low.

If yesterday’s low is broken through, the price will reach the Target Zone 85.41 – 84.66. After the TZ is broken out the next downside target will be the Gold Zone 81.66 – 81.28. One could consider setting a take profit in the GZ.

USCrude trading ideas for today:

Sell according to the pattern in Intermediary Zone 87.67 – 87.29.

TakeProfit: 83.60.

StopLoss: according to the pattern rules.

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