Crude Oil Reaches For Resistance

has turned higher last week, after the market completed first wave down from 42.46, labeled as black wave 1. As such, bounce from 35.17 was expected to unfold in three waves, as a temporary bounce back to the area of a former wave 4, near 39.80. So far, this price structure is looking nice, so a new bearish turning point can be coming fast. A decline back beneath 37.00 would be a very strong indication for a resumption of a bearish trend, while 42.46 high is in place.

Crude oil, 4H

Crude Oil 4H Chart

Crude Oil 4H Chart

The article Crude Oil Reaches For Resistance was originally published at investing.com-commodities.