OIL (CL_F) Elliott Wave forecasting the rally after three waves pull back
|In this technical article we’re going to take a quick look at the weekly Elliott Wave charts of Oil Futures (CL_F) , published in members area of the website. As many of our members are aware, the commodity has given us decent rally recently. In the following sections, we’ll delve into the Elliott Wave pattern and explain the forecast.
OIL H1 update 12.20.2024
The commodity is giving us correction against the 66.96 low. The pullback has already reached the extreme zone at 69.18-67.81, and we believe buyers should take the lead soon. At this stage, we advise against forcing trades in OIL . We expect buyers to push the price higher from the marked extreme zone, ideally toward new highs.
Reminder for members: Our chat rooms in the membership area are available 24 hours a day, providing expert insights on market trends and Elliott Wave analysis. Don’t hesitate to reach out with any questions about the market, Elliott Wave patterns, or technical analysis. We’re here to help.
OIL H1 update 01.02.2025
OIL responded exactly as expected. It found buyers at the Extreme Area (69.18-67.81) , making rally toward new highs. CL_F should ideally keep finding intraday buyers in 3,7,11 swings against the 66.96 pivot.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.