Oil price forecast for today: USCrude analysis 20.01.2022

WTI oil continues to strengthen. Yesterday, the traders broke out the Gold Zone 85.47 – 85.18. After that, a correction began at the US trading session, and the traders tested the Additional Zone 85.20 – 85.06. Buyers’ reaction can be seen in this zone, so today look for purchases according to the pattern with the first target in the zone of yesterday’s high. The second target for purchases will be the Target Zone 2 88.69 – 88.10.

If the Additional Zone is broken out today, the correction will continue with the target in the Intermediary Zone 83.74 – 83.45. The IZ serves as the border of a short-term uptrend, so I will recommend looking for purchases after its test.

USCrude trading ideas for today:

  1. Buy according to the pattern in Additional Zone 85.20 – 85.06.

    TakeProfit: 86.61.

    StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone 83.74 – 83.45.

    TakeProfit: 86.61.

    StopLoss: according to the pattern rules.

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