As we can see in the H4 Chart Crude Oil is getting ready to an uptrend as long as it breaks its $80 resistance. Currently
USOIL
finished its wave C and hardly could break the lowest level of $72 since its correction has reached 70% since early May. Although a correction is close to come after this impulse for the $72-$77 forming a second wave or wave B depending on the $80 dollar price break is successfully or not.
"Saudi Arabia, the world's largest oil exporter, is planning to extend oil production cuts through next year until at least the spring, while OPEC considers additional cuts in response to declining prices "
Due all these fundamental price of Crude Oil could start an uptrend this week.
Next resistance $77.4
Breaking last HL $80
Support $75.3
USOIL
finished its wave C and hardly could break the lowest level of $72 since its correction has reached 70% since early May. Although a correction is close to come after this impulse for the $72-$77 forming a second wave or wave B depending on the $80 dollar price break is successfully or not. "Saudi Arabia, the world's largest oil exporter, is planning to extend oil production cuts through next year until at least the spring, while OPEC considers additional cuts in response to declining prices "
Due all these fundamental price of Crude Oil could start an uptrend this week.
Next resistance $77.4
Breaking last HL $80
Support $75.3