Oil price forecast for today: USCrude analysis  24.08.2022

Yesterday, the price reached the upper Target Zone 94.83 – 93.97 as part of a short-term uptrend. The growth possibility remains. If today the Target Zone is broken out and the price closes higher in the American session, the next target for purchases will be the Gold Zone 98.70 – 98.27.

It is profitable to look for new oil purchases on correction at strong levels, Additional Zone 91.92 – 91.71 and Intermediary Zone 89.77 – 89.34. If the price tests these zones as part of the correction, expect the formation of a buy pattern. When it appears, buy oil with a target at yesterday’s high.

USCrude trading ideas for today:

  1. Buy according to the pattern in Additional Zone 91.92 – 91.71.
    TakeProfit: 94.04.
    StopLoss: according to the pattern rules.
  2. Buy according to the pattern in Intermediary Zone 89.77 – 89.34.
    TakeProfit: 94.04.
    StopLoss: according to the pattern rules.

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