The Crude Oil one hour chart shows a falling wedge that formed in the last couple of days.
This pattern is very reliable on the Crude Oil chart but a break above T3 trend line should occur in order to confirm a reversal. The internal structure of the wedge is made of five waves and if we correlate this with the Elliott Wave principle, the price reversal would indicate a rise up to $98.50 level (at least).
A good support is also offered by the longer T2 trend line.
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