Oil price forecast for today: USCrude analysis 17.05.2023

Oil is still being corrected down in the short-term uptrend. The price tested the key support on May 15. Next, the buyers went ahead, but the price is declining now. If the key support is tested again today, one could look for a pattern to buy with a target at the high of May 10.

If the price breaks out the support zone of 69.44 – 69.01 today, the short-term trend will turn down. If so, starting from tomorrow, one could sell oil with a target in the lower Target Zone 65.09 – 64.22.

USCrude trading ideas for today:

Buy according to the pattern at support (В) 69.44 – 69.01.
TakeProfit: 73.75.
StopLoss: according to the pattern rules.

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