Crude oil prices slump this week as selling pressure persists. The following technical analysis is based on the Elliott wave theory.
Crude Oil prices slide further to continue the bearish run that started in September. Price patterns show emerging impulse waves are ongoing.
Crude oil has broken below a major price level and currently trades at $54. The following Crude Oil Elliott wave analysis suggests further price decline.
Crude oil price spiked by as much as 19.5% as the markets reopened after the weekend attacks on Saudi Arabia’s biggest refinery.
Crude oil price broke its Asian upside consolidation phase in Europe and reached fresh 5-day highs at 55.28 before reversing sharply.
Crude oil price is seen consolidating the recent up move to two-week highs of $ 58.58, as the bulls take a breather ahead of EIA report.
Crude oil price falls sharply yesterday to settle at the $56.30 to $56.50 support area and the selling continues this morning.
Crude oil price gets the expected support from the $59.28 level, edges a bit higher to $59.5.during today’s early session.
As expected, Crude oil price recovers higher to the $55.73 resistance level after regaining traction during yesterday’s and today’s early session.