Crude sell-off after a triangle retest
|Crude oil is moving sharply to the downside in an impulsive fashion from the 73.27 level, indicating that more weakness is likely ahead. However, we may first see an a-b-c corrective rise, with strong resistance around $70 to $71 per barrel, where the 61.8% Fibonacci level also lies. Our intraday bearish view remains unchanged as long as the market trades below 73.27, where bulls got rejected after retested the triangle resistance line, visible on a daily chart
Get Full Access To Our Premium Elliott Wave Analysis For 14 Days. Click here.
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.