WTI: End Of Correction Could Send Prices Higher
Although I have been bearish on crude oil over the past few months, the recent replacement of Saudi Arabia's energy minister makes me think we are likely to start nudging higher here?
From a technical perspective we still look bearish in the long-term (as part of Supercycle 4), but medium-term this could go higher with a 5-wave intermediate move (Primary 2 seems complete). That could complete the longer-term correction (Cycle b), where prices could start turning bearish.
Don't expect an immediate breakout, the triangle is not yet showing any signs on weakness. Which means, we could see a more complex correction.
Uncertainty invalidation below the previous low near 50. Structure invalidation near $42/b
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
From a technical perspective we still look bearish in the long-term (as part of Supercycle 4), but medium-term this could go higher with a 5-wave intermediate move (Primary 2 seems complete). That could complete the longer-term correction (Cycle b), where prices could start turning bearish.
Don't expect an immediate breakout, the triangle is not yet showing any signs on weakness. Which means, we could see a more complex correction.
Uncertainty invalidation below the previous low near 50. Structure invalidation near $42/b
Stavros Tousios
Head of Investment Research
Orbex
This analysis is provided as general market commentary and does not constitute investment advice.
Comment:
Triangle breakout complete. Could expect a retest and continuation, or this could turn to a failed attempt to breakout.
Comment:
Looks like a failed attempt as prices are trading back within triangle pattern. This could become an a,b,c,d,e or turn bearish
Comment:
This turned into a,b,c,d,e with a weka e wave!
Prices could now head up to reach the 64/65 resistance zone!
Prices could now head up to reach the 64/65 resistance zone!
