Crude Oil Ready for Another Rally
Favio Poci | Jun 29, 2016 09:58AM ET
Crude Oil 4H Chart - Elliott Wave Count - June 29, 2016
Crude has continued the bullish channel and we predicted both the end of the yellow 3 and 4 wave accordingly. This bounce off the yellow 4 should hold $45.80 or the lower-bound of the red trendline in order for the 5th wave to continue and target $54-$56 initially.
If this is going to turn into an impulsive wave 3, it needs to target the 162% extension level ($60-$62) shown in the above chart and confirm this bullish rally. Price stagnating at the 100% extension area ($51.70) is not good for the bullish continuation.
Crude 4H Chart - Technicals - June 29, 2016
In this chart, we see that crude has some important resistance to take out if it is going to test $54 price level. In the 4H chart:
- Crude is above 20EMA.- red line;
- It is testing 50SMA - green line;
- It has 200SMA at $48.80 - white line
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