Oil price forecast for today: USCrude analysis  19.08.2022

Yesterday, traders tested the key resistance of the short-term downtrend 90.10 – 89.67. The resistance was held and the short-term downtrend continued. Today, searching for oil sales according to the pattern with a target at August 16 low is a matter of higher importance.

To enter purchases, traders need to break out yesterday’s high and consolidate the price higher. In this case, the Intermediary Zone will be broken out, and the short-term trend will reverse up. The target for purchases will be the upper Target Zone 94.83 – 93.97.

USCrude trading ideas for today:

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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