The counter started off a short term bull cycle in crude oil.
It has the last leg of the cycle (wave 5) due as indicated in the chart.
It cooled off after hitting at 57.30 and consolidated for wave 4.
Further, the market expects an upbeat inventory data which is due for release today.
Hence, we expect the crude oil to move up to the levels of 57.50 and 57.80, and complete its bull cycle.
It has the last leg of the cycle (wave 5) due as indicated in the chart.
It cooled off after hitting at 57.30 and consolidated for wave 4.
Further, the market expects an upbeat inventory data which is due for release today.
Hence, we expect the crude oil to move up to the levels of 57.50 and 57.80, and complete its bull cycle.
Trade closed: target reached
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.