FX.co ★ Elliott wave analysis of Crude Oil for March 22, 2021

Crude oil has rally strongly from the April 2020 spike low to -40.32 and has just tested the triple top resistance at 66.90 where it was rejected and we should expect a correction to a low of 50.81 in the weeks to come. Once this correction is complete a new impulsive rally higher is expected towards the next major target at 76.90.

Short-term we seen resistance near 62.05 which we expect will cap the upside for renewed downside pressure towards the corrective target at 50.81.

Trading recommendation:

Sell oil near 62.05 and place you stop at 65.00 for a decline towards 50.81.