Oil price forecast for today: USCrude analysis 22.05.2023

Last Friday, the trades entered at the key support of the short-term uptrend 69.44 – 69.01 yileded profits. The price broke through the high of May 17 and tested Target Zone 73.53 – 72.66. After reaching the Target Zone, the price has been corrected down. 

The correction target is the key support of the short-term uptrend. If this zone is held up by the buyers and the price draws a buy pattern, one could enter a long trade with a target at the high of May 19. 

If the price breaks out level 69.01 and consolidates below, the trend will turn down. In this case, one could enter a short trade with a target in the lower Target Zone 65.09 – 64.22. 

USCrude trading ideas for today:

Monitor the market.

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