US Crude Oil stalls within the buy zone
Continued selling pressure from the $79.72 swing high resulted in US Crude Oil trading to the lowest level in 93 days.
The daily chart highlights the completion of a bullish Elliott Wave count (5 waves) on September 28 at $94.99. This suggests we are trading within the corrective ABC formation to the downside. We are now entering into the buy zone.
· Bespoke support is located at $72.12 and $69.82.
· The 78.6% pullback level is located at $70.33.
· The measured move target for the head and shoulders breakout is $69.80.
Conclusion: although ample scope exists for further selling pressure, I am now looking for a buy signal. The prime zone is between $70.33 and $69.80. An update will be posted when the signal is generated.
Support: $72.12 (bespoke), $70.33 (78.6%), $69.80 (measured move and bespoke)
Resistance: $74.96 (swing low), $78.00 (bespoke), $82.07 (bespoke)
The daily chart highlights the completion of a bullish Elliott Wave count (5 waves) on September 28 at $94.99. This suggests we are trading within the corrective ABC formation to the downside. We are now entering into the buy zone.
· Bespoke support is located at $72.12 and $69.82.
· The 78.6% pullback level is located at $70.33.
· The measured move target for the head and shoulders breakout is $69.80.
Conclusion: although ample scope exists for further selling pressure, I am now looking for a buy signal. The prime zone is between $70.33 and $69.80. An update will be posted when the signal is generated.
Support: $72.12 (bespoke), $70.33 (78.6%), $69.80 (measured move and bespoke)
Resistance: $74.96 (swing low), $78.00 (bespoke), $82.07 (bespoke)
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Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.