Primary wave 1 of the cycle wave is a leading diagonal and is about to complete. 54.60-54.90 is the resistance. The major support is at 50.00, but, if 50.00 cannot hold, 47.00-48.50 area is the support and you never see any crude oil price below 50.00 ever again.
Note
Breaks above 56.40 negates this view and the bottom is already in place.
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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.