Oil Prices Set to Soar: Will $100 per Barrel be the New Normal?
According to the Elliott wave principle, the XTIUSD 4-hour chart appears to have completed a primary degree impulsive wave 1 followed by corrective wave 2. The current price action suggests that wave 3 of an ascending impulse is now underway.
It is anticipated that XTIUSD will face resistance around the 73.88-72.84 range, and as a result, is projected to climb higher over the upcoming period in 5 internal impulses, potentially reaching above 95/barrel.
Furthermore, a bullish batman harmonic pattern on the M15 further confirms this analysis. It is worth noting that if this forecast is accurate, it may trigger a rise in the dollar index as the analysis unfolds.
My medium term target will be 90/barrel, while my ultimate target will be 100/barrel of oil.
It is anticipated that XTIUSD will face resistance around the 73.88-72.84 range, and as a result, is projected to climb higher over the upcoming period in 5 internal impulses, potentially reaching above 95/barrel.
Furthermore, a bullish batman harmonic pattern on the M15 further confirms this analysis. It is worth noting that if this forecast is accurate, it may trigger a rise in the dollar index as the analysis unfolds.
My medium term target will be 90/barrel, while my ultimate target will be 100/barrel of oil.
Trade closed: stop reached
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Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.