Oil price forecast for today: USCrude analysis 21.04.2022

Oil reached the Target Zone 100.35 – 99.47 within the short-term downtrend. Sales in the Additional Zone 103.81 – 103.59 yielded profits.

After reaching the Target Zone, the price corrected. A possible correction target is a test of the Intermediary Zone 104.58 – 104.15. The IZ serves as the border of a short-term downtrend. Therefore, after its test, look for new oil sales according to the pattern with a target at yesterday’s low.

To enter oil purchases, traders need to break out level 104.58 and consolidate the price at the US trading session higher. In this case, the trend will reverse up, and the upper Target Zone 109.40 – 108.52 will become the target for purchases.

USCrude trading ideas for today:

Sell according to the pattern in Intermediary Zone 104.58 – 104.15.

TakeProfit: 99.85.

StopLoss: according to the pattern rules.

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