Oil price forecast for today: USCrude analysis 18.04.2022

Oil reached the Gold Zone 107.34 – 106.87 as a part of a short-term uptrend. A correction is currently developing. A possible correction target is a test of the Additional Zone 105.72 – 105.50. The AZ serves as a strong support level. After its test, look for a buy pattern. If it appears, buy the instrument with the first target at the day’s high.

If the Additional Zone is broken out downside, the correction will continue with the target in the Intermediary Zone 103.53 – 103.09. The IZ serves as the border of a short-term uptrend where it is also reasonable to consider purchases according to the pattern with the same target around today’s high.

USCrude trading ideas for today:

  1. Buy according to the pattern in Additional Zone 105.72 – 105.50.
    TakeProfit: 107.82.
    StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone 103.53 – 103.09.
    TakeProfit: 107.82.
    StopLoss: according to the pattern rules.

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