Oil price forecast for today: USCrude analysis  17.08.2022

The short-term oil downtrend continued yesterday. As a result, the Target Zone 85.70 – 84.84 was reached. After that, the price corrected.

A possible correction target is the test of the Additional Zone 87.74 – 87.52. After its test, look for a sell pattern. When it appears, open a short trade with the target at yesterday’s low.

If the Additional Zone is broken out upside, the correction will continue with the target in the Intermediary Zone 90.10 – 89.67, which serves as the trend key resistance.

USCrude trading ideas for today:

  1. Sell according to the pattern in Additional Zone 87.74 – 87.52.
    TakeProfit: 85.46.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone 90.10 – 89.67.
    TakeProfit: 85.46.
    StopLoss: according to the pattern rules.

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