Oil rally pauses as prices pull back from resistance

Gregor Horvat Wavetraders

Crude Oil has seen a very nice recovery over the last few weeks, but it now looks like bulls are pausing after price failed to push beyond the 64.0 horizontal resistance. The current drop is quite aggressive and appears to be part of a deeper A-B-C correction, which suggests that the previous five wave rise may have unfolded as a leading diagonal. Support on dips could be found in the 58.40 to 60 area, where the market could stabilize again after this corrective setback. Despite the sharp reversal lower, we still assume that bulls are not finished yet, especially considering the aggressive breakout from the downward channel shown on the daily chart.

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Author

Gregor Horvat

Wavetraders

Experience Grega is based in Slovenia and has been in the Forex market since 2003.

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