WTI has been forming a flat A-B-C correction.
According to Elliott's wave projection, the oil future looks bearish.
Oil Future has accomplished wave A at 193.17 , and sub-wave (c) of wave ((B)) is creating an ending diagonal.
The ending diagonal is a formation of five waves. WTI is to occur in wave 5 of an ending diagonal.
If you are a safe trader, you can...
Crude oil making a bearish pattern and still showing the sign of bullishness. Fight between Bull and Bears for the trend to continue. Which way will It go?
Crude respects the levels we analyzed In early posts, shows a good move over the period. The up-trend move after the breakout of the price mark of $87.894, was slowed down after the price tried to...
WTICOSUD(Crude Oil) is showing some interesting movement on major levels. Major upper and lower levels could be breached in the future.
Crude Oil is showing a strong upward movement in the 1Hour chart breaching the level of $87.894. It seems that the counter is consolidating, if the price retests the levels of $87.80 and makes any type of bullish...
LEADING DIAGONAL: In a leading diagonal , waves 1,3, and 5 are all impulsive in nature or all in corrective form of zigzags. Wave 2 and wave 4 are always present in a zigzag form. A leading diagonal suggests the starting of a new wave & that is why it can develop wave 1 of a impulse wave and a first wave of a zigzag pattern.
Buy Crude oil :...
51.60 is a major support, while this level is not broken, the Midterm wave will be uptrend.
While the RSI uptrend #1 is not broken, bullish wave in price would continue.
A trough is formed in daily chart at 51.60 on 02/01/2021, so more gains to resistance(s) 63.10, 66.50, 72.55 and more heights is expected.
Price is above...
As seen earlier crude was moving long term upward direction. Which support was broken 3478 at MCX due to CORONA impact globally now again it comes in that channel with break out 3478 levels and Break downward channel resistance of 3844(not exact) at MCX also supported by Energy policy of BIDEN government.
So I feel again crude can be seen in positive momentum.