WTI CRUDE OIL: WAVE ANALYSIS

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WTI CRUDE OIL: WAVE ANALYSIS
Scenario
TimeframeWeekly
RecommendationBUY
Entry Point74.61
Take Profit83.60, 94.00
Stop Loss66.90
Key Levels51.65, 58.00, 66.90, 83.60, 94.00
Alternative scenario
RecommendationSELL STOP
Entry Point66.85
Take Profit58.00, 51.65
Stop Loss69.80
Key Levels51.65, 58.00, 66.90, 83.60, 94.00

Growth is possible.

On the daily chart, the first wave of the higher level (1) formed, and a downward correction ended as the second wave (2), within which the wave C of (2) formed. Now, the third wave (3) is developing, within which the first wave of the lower level i of 1 of (3) is forming. If the assumption is correct, the asset will grow to the area of 83.60–94.00. In this scenario, critical stop loss level is 66.90.

WTI CRUDE OIL: WAVE ANALYSIS

WTI CRUDE OIL: WAVE ANALYSIS

Main scenario

Long positions will become relevant above the level of 66.90 with the targets at 83.60–94.00. Implementation period: 7 days and more.

Alternative scenario

A breakout and the consolidation of the price below the level of 66.90 will let the asset go down to the area of 58.00–51.65.

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