The legend in the InstaSpot team!
Legend! You think that's bombastic rhetoric? But how should we call a man, who became the first Asian to win the junior world chess championship at 18 and who became the first Indian Grandmaster at 19? That was the start of a hard path to the World Champion title for Viswanathan Anand, the man who became a part of history of chess forever. Now one more legend in the InstaSpot team!
Borussia is one of the most titled football clubs in Germany, which has repeatedly proved to fans: the spirit of competition and leadership will certainly lead to success. Trade in the same way that sports professionals play the game: confidently and actively. Keep a "pass" from Borussia FC and be in the lead with InstaSpot!
Last week we posted our analysis on Oil prices using our Elliottwave count warning that the upside in Oil prices is limited and that traders should prepare for a major pull back. There is still no confirmation of such a pull back starting, technically trend remains bullish. However we need to focus on specific key levels that will help us reach a conclusion sooner.
Black lines- Fibonacci retracementsBlue numbers - Elliott wave count
Price technically remains in a bullish trend as price is making higher highs and higher lows. Our most probable scenario using the Elliottwave theory, tells us that we are currently on the 5th and final wave of the rise from the $62 lows. The 5th wave could very well be over but we are not sure yet. The recent low at $86.75 is the key price level we are talking about. As long as price is above it, price can continue to move higher to new highs. If price breaks below it, then we will be very confident that the entire upward movement is over and at least a short-term pull back will start. The first short-term pull back target would at $81.40 if price does not make new higher highs. Concluding, our view remains the same, bulls remain in control but they have to be very cautious as we continue to believe we are near the end of this trend.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
InstaSpot analytical reviews will make you fully aware of market trends! Being an InstaSpot client, you are provided with a large number of free services for efficient trading.