WTICOUSD A Further Sell Down?
Since late April this year, we have seen a sell down of almost 20% on oil. Yesterday, 10 June, we have seen that sellers are still in control to push the price much lower as buyers failed to break the key psychological resistance of 54.00, thus showcasing a sign for weakness for more downside. Hence, target price is first drawn to 50.00 and then towards 45.00, if buyers are still unable to gain control, where potential short covering might take place again.
WTI (Crude Oil)
WTICOUSD 3.29% decrease followed by 18% increase...WTICOUSD 3.29% decrease followed by 18% increase. The rate correction level is 60.1 usd. I'm waiting for this level to test back and then rise. I expect a rise in a double wave structure with a first resistance level of 66 usd. The current motion target price is 70.8 usd.
watch the channel for potential wave 4Recently Ucad has been quite stubborn. Therefore I look to oil to help make sense of it. what I'm looking at is a potential wave 4 forming on both the primary and intermediate degree. I' ( looking at further upside in oil prices up to around 67.15$ per barrel (next support level).