Oil price is in Elliott's B corrective wave, would not break Elliott's 5th wave at 77, should go to the downside hitting min. 62,
Target for Elliott's C corrective wave is (52-42).
While MACD has made a negative divergence, which showing change in hands should take place between bulls to bears.
Bollinger Bands showing that the price is becoming weaker than before, I think it is a potential double tops under formation.
Recommendation: (Medium-term/Within 1-3 Months)
Seeking for selling opportunities @ 75
Stop loss @ 78
1st position TP @ 63
2nd position TP @ 53
3rd position TP @ 43
Target for Elliott's C corrective wave is (52-42).
While MACD has made a negative divergence, which showing change in hands should take place between bulls to bears.
Bollinger Bands showing that the price is becoming weaker than before, I think it is a potential double tops under formation.
Recommendation: (Medium-term/Within 1-3 Months)
Seeking for selling opportunities @ 75
Stop loss @ 78
1st position TP @ 63
2nd position TP @ 53
3rd position TP @ 43