Crude Oil Consolidating Within Uptrend
Crude oil stabilized this week around $84 per barrel on the May 2024 contract, from which we are seeing some nice rebounds after recent events between Iran and Israel. There is a risk that this escalation will not be over anytime soon, so energy prices may remain in an uptrend, possibly heading for a higher fifth wave back above last week's highs. If the market suddenly breaks below $84, there could still be support around $83.50, justifying a more complex pullback for wave four, but still indicative of a correction.
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