Oil price forecast for today: USCrude analysis 18.02.2022

The short-term oil downtrend continues. Yesterday, traders tested the resistance level of 90.61. This level was held. As a result the price declined. Today it continues the downward movement. The first target of the price fall is February 16 low. The second target will be the Target Zone 87.20 – 86.52.

To enter oil purchases, the short-term trend reversal up is required. To do this, buyers need to break out level 91.94 and consolidate the price above.

USCrude trading ideas for today:

  1. Hold sell trades entered in the zone of level 90.61.

    TakeProfit: 88.25, Target Zone 87.20 – 86.52.

    StopLoss: at the breakeven.
  2. Sell according to the pattern in Intermediary Zone 91.94 – 91.60.

    TakeProfit: Target Zone 87.20 – 86.52.

    StopLoss: according to the pattern rules.

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