Crude oil found support in the last 24 hours despite an official announcement by the White House that it will release crude oil reserves. So that action might have already been priced in if we consider that market was lower before that. Also, OPEC may change its strategy that will allow oil to stay supported.

From an Elliott Wave perspective, we have seen a nice intraday reversal higher which now suggests that energy completed a corrective wave 4) at 74.70 horizontal support that we talked about last time. As such, further strength can be considered, especially if also 80.70 is broken.

Crude oil 4h Elliott Wave analysis

Oil Elliott Wave


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