Oil Above $80 — Is the Next Stop $90?

Jul 17

After tensions between Iran and the United States escalated again in the Middle East, crude oil(USDBRO) rallied from around $70 and has successfully established itself above $80. So far, oil has gained more than +20%, reflecting the market’s reaction to the renewed geopolitical tensions.

Since oil prices are highly sensitive to geopolitical developments, any news regarding an escalation or de-escalation of tensions can have an immediate impact on the market. Therefore, make sure to manage your risk carefully, especially when trading crude oil.

Crude oil now appears to have broken above the resistance zone($86-$82) and completed its pullback in the form of a Triangle Pattern. This could signal that oil is preparing for its next bullish move toward the next resistance zone($91.50-$89.50) and the important psychological level of $90.

From an Elliott Wave perspective, it appears that main wave 4 has been completed, and we can now expect the next impulsive move as main wave 5 begins.

I expect crude oil to continue its bullish trend and gain at least another 4–5%, potentially reaching the $90 area.

First Target: $88.87

Second Target: $90.20

Stop Loss(SL): $83(Worst)

Points may shift as the market evolves

Gap: $79.50-$77.22

What’s your view on crude oil? Do you think oil can move above $90, or should we expect another correction before that?

💡 Please respect each other's opinions and express agreement or disagreement politely.

📌U.S. Dollar/Brent Crude OIL Analysis (USDBRO), 4-hour time frame.

🛑 Always set a Stop Loss(SL) for every position you open.

✅ This is just my idea; I’d love to see your thoughts too!

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Jul 18

Trade active

Trade was activated after Oil broke the upper line of triangle.

Jul 20

Trade closed: target reached

Target Done