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Oil price forecast for today: USCrude analysis  17.06.2022

Yesterday, the sellers tried to break out the Target Zone 112.97 – 112.14, but unsuccessfully. At the end of the American trading session, the price reached the Intermediary Zone 114.91 – 114.49. It was also held, so the short-term oil downtrend continues.

Today, the task of traders is to search for sales according to the pattern with the target at yesterday’s low. If yesterday’s low is updated, the Target Zone will be broken out. Thus, the Gold Zone 108.80 – 108.38 will be the new target for sales.

If, during trading, the Intermediary Zone is broken out upside and the price closes higher in the American session, the short-term trend will reverse up. In this case, look for long oil trades with the target in the upper Target Zone 119.50 – 118.67.

USCrude trading ideas for today:

Sell according to the pattern in Intermediary Zone 114.91 – 114.49.

TakeProfit: 110.39.

StopLoss: according to the pattern rules.







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