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10.02.202108:42 Forex Analysis & Reviews: Elliott wave analysis of Crude Oil for February 10, 2021

Exchange Rates 10.02.2021 analysis

Crude oil has seen a tremendous run since the April 20 low at -40.32, but is now facing strong resistance near 63.02 which is expected to cap the upside for a more prolonged correction towards 45.26 before the next push higher through the trend-line resistance from the July 2008 peak at 147.27. A break above the trend-line resistance at will call for a continuation higher to the resistance-area between 75 - 77.

Short-term support is seen at 58.35 and again at 56.31.

Trading recommendation:

If you are long oil, it's time to tighten your stops and maybe consider taking profit near 63.00

*A análise de mercado aqui postada destina-se a aumentar o seu conhecimento, mas não dar instruções para fazer uma negociação.

Torben Melsted,
Analytical expert of InstaSpot
© 2007-2025
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