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02.06.202106:21 Forex Analysis & Reviews: Elliott wave analysis of Crude Oil for June 2, 2021

Exchange Rates 02.06.2021 analysis

Crude oil has rallied nicely since the low in March 2020 and has now broken clearly above the long-term descending resistance-line from the 2008 peak at 147.27 this calls for more upside pressure towards the next major upside target at 76.40.

That said we can count a five wave rally from the March 2020 low, so it's time to be more cautious as the best of the rally likely is behind us now and a top is close, but likely not before strong resistance near 76.40

Trading recommendation:

Crude oil should continue to move closer to strong resistance near 76.40 where a top is expected for a larger correction.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.

Torben Melsted,
Analytical expert of InstaSpot
© 2007-2024
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