Oil price forecast for today: USCrude analysis 17.02.2023

The oil price is being corrected down in the short term. The price could break through the low of February 15 in the support zone (А) 77.44 – 77.11. If there is an upward momentum after the price breaks through the low, there will be a false breakout pattern to buy, and one could enter a long with a target at the high of February 13.

If the price breaks through the low of February 15 and consolidated below support (A), the correction will continue down to support (B) 75.79 – 75.29. Support (B) is the border of the short-term uptrend, where one could also enter purchases.

USCrude trading ideas for today:

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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