Crude Oil to test again the 3 Year High price of 77.00
Updated
77.00 was the top level of post-covid super rally. A major correction of -20% was notice after failing to break over 77.00 completed at 62.50 USD on Aug 20/2021
A reversion and a 5-wave impulse retested the 77.00 USD on Sep 27 failing to break over and causing a correction which found resistance at 23.6% elliot retracement.
It seems that the price will retest the 77.00 3-year high price trying to keep up with:
1. with the massive post-covid bull run
2. the increasing demand
3. the forecoming winter
4. the recovering post-covid economy
Next resistance level if breaks above 77.00 is 27.2% fib level at 81.077.
This is just an oppinion and not a finanical advice.
A reversion and a 5-wave impulse retested the 77.00 USD on Sep 27 failing to break over and causing a correction which found resistance at 23.6% elliot retracement.
It seems that the price will retest the 77.00 3-year high price trying to keep up with:
1. with the massive post-covid bull run
2. the increasing demand
3. the forecoming winter
4. the recovering post-covid economy
Next resistance level if breaks above 77.00 is 27.2% fib level at 81.077.
This is just an oppinion and not a finanical advice.
Trade closed: target reached
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