Will Crude Oil Hit 5400 Next Weekend?
Crude oil has started moving forward since May. It will not stop here. It's just a WXY correction.
According to Elliott's wave theory, it has completed the sub-wave under the 4th wave. It's consolidation time. Crude oil prices may fluctuate between the range of 4000 - 5400. Hence, long-term investors can keep buying crude oil.
So, what about short-term investors and intraday traders? If you look into 4 hours chart, it seems bullish from here. Crude oil is trying to break the resistance trendline. Whenever that the resistance trendline break, then we may see the prices at 5300 - 5400+.
Kindly note, if crude oil remains below to resistance trendline, then do not buy.
What happens if it does not break the resistance trendline? I will update my next MCX crude oil report.
According to Elliott's wave theory, it has completed the sub-wave under the 4th wave. It's consolidation time. Crude oil prices may fluctuate between the range of 4000 - 5400. Hence, long-term investors can keep buying crude oil.
So, what about short-term investors and intraday traders? If you look into 4 hours chart, it seems bullish from here. Crude oil is trying to break the resistance trendline. Whenever that the resistance trendline break, then we may see the prices at 5300 - 5400+.
Kindly note, if crude oil remains below to resistance trendline, then do not buy.
What happens if it does not break the resistance trendline? I will update my next MCX crude oil report.
Trade closed: target reached
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.