Oil price forecast for today: USCrude analysis17.03.2022

The short-term oil downtrend continues. Yesterday, the price corrected in the zone of 98.89 – 95.29. After that, the price declined and re-tested the Gold Zone 93.83 – 93.23.

At the moment, the correction is developing again. Traders are testing the Additional Zone 95.90 – 95.60. This zone serves as a strong resistance, so it is profitable to consider sales in it with a target at the low of yesterday’s American trading session.

If the local low of yesterday’s American session is updated, expect the price to consolidate below the Gold Zone. In this case, the next target will be the Target Zone 2 87.83 – 86.63.

If during the trading session the AZ is broken out upside, then the correction will continue with the target in the trend key resistance of 99.20.

USCrude trading ideas for today:

  1. Sell according to the pattern in Additional Zone 95.90 – 95.60.
    TakeProfit: 92.80.
    StopLoss: according to the pattern rules.
  2. Sell according to the pattern in Intermediary Zone 99.20 – 98.60.
    TakeProfit: 92.80.
    StopLoss: according to the pattern rules.

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