Crude Oil Eyes 62-61 Support Level
Gregor Horvat | Aug 19, 2021 07:08AM ET
The risk off is in full swing with USD trading higher after a few Fed members noted that policy should turn towards tapering very soon. Investors are looking to move into the US as stock market is coming down, in line with crude oil.
Crude has some hard times to attract the buyers, probably due to speculation that new lock-downs will have impact on demand. We see energy in a corrective price action, a complex one which may find some support this week around 63-62, maybe 61 area to complete a three wave drop from 74.00; either as wave B or wave Y).h2 Crude Oil 4h Elliott Wave Analysis Chart
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