Oil price forecast for today: USCrude analysis 20.06.2022

The short-term oil downtrend continues, within which the Gold Zone 108.80 – 108.38 was reached last week. The GZ has not been broken out, so do not expect a further USCrude fall yet.

A correction is currently unfolding. As part of the correction, traders reached an Additional Zone 108.47 – 108.26. This is the first serious resistance ahead of the price. Therefore, consider short trades in this zone with a target at last Friday’s low.

If the AZ is broken out upside, the correction will continue up to the Intermediary Zone 110.76 – 110.35. The IZ serves as the trend border. Therefore, after reaching it, also look for sales.

USCrude trading ideas for today:

  1. Sell according to the pattern in Additional Zone 108.47 – 108.26.
    TakeProfit: 106.24.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone 110.76 – 110.35.
    TakeProfit: 106.24.
    StopLoss: according to the pattern rules.

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