Oil is in correction wave D and met a resistance at round 34.5.
The correction wave does not seem to complete from the bullish divergence of RSI. The bigger resistance is at around 37.7.
If 34.5 breaks, it will go up to 37.7.
For next weeks I would suggest to go long if 34.5 breaks and take profit at around 37.7.
If it rejets back from 37.7 afterwards, I will open a short position.
I have made a month chart and a day chart elliott wave analysis on oil in last weeks. This is a week chart analysis.
Month chart:
Day chart:
Good luck for everyone!
The correction wave does not seem to complete from the bullish divergence of RSI. The bigger resistance is at around 37.7.
If 34.5 breaks, it will go up to 37.7.
For next weeks I would suggest to go long if 34.5 breaks and take profit at around 37.7.
If it rejets back from 37.7 afterwards, I will open a short position.
I have made a month chart and a day chart elliott wave analysis on oil in last weeks. This is a week chart analysis.
Month chart:
Good luck for everyone!
