venckusarunas

WTI - where is the bottom?

FX:USOIL   CFDs on Crude Oil (WTI)
WTI oil             is in strong strong down trend as fundamental from OPEC and others pump oil             into over supply. Companies fight for the market share and survive and battle conditions seems to be the same for a while.
This fundamental view is supported by Elliott wave impulse pattern unfolding down into the last wave 5 (brown). This impulse pattern is the last wave C (blue) of the bigger corrective pattern.
Now price is at 2009-01-01 low 32.00 which worked as strong support last time. And the second support level at 26.00.

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Hello.. do you think that Crude Oil will recover soon , and is it possible t reach 26!!
Reply
Hello Gee. As we see Crude is falling strong driven mainly by fundamental factors. So technical analysis levels could have some deviation that means price of $26 is more like a zone. In case of time (as you ask about "soon") again back to fundamentals - if OPEC will announce that the price is low enough for them and they will slow down pumping, price could stop. Will it recover in that case? This could cause a correction but it is hard to say how fast and big recover could be. And for now we see the trend is going down.
In the the hypothetical medium term TA perspective I see possibility to go even below $26 but it is not a recommendation to go short into that level.
Reply
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