Crude oil moved back to the highs recently after OPEC+ countries agreed to extend the majority of production cuts through April. In fact, demand may increase as global lockdown restrictions are removed with a step by step process as we approach warmer months. This may push oil prices even higher as demand is expected to increase.
From a technical perspective I think that a new retracement may be in the cards, but just another pause on the way up; ideally that's wave four now already in progress after a drop back into the impulse channel. Ideally, energy will find a new support after three legs of decline back to 60-62 support area. Why three legs? Because normally that's a structure of a contra-trend moves per Elliott Wave theory, labeled by a-b-c subwaves.
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Oil May Resume Uptrend After Setback
Published 03/09/2021, 02:45 AM
Updated 07/09/2023, 06:31 AM
Oil May Resume Uptrend After Setback
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