Crude Oil Is Looking Impulsive On the Intra-day Basis; Could See $93.00

Oil is forming an impulsive price action from an 87.87 swing low. The reason is recent strong reaction towards the 92.00 figure yesterday - very strong and sharp in a short period of time. That’s the personality of a third wave, so we think that the market is forming a five wave pattern. With that in mind, be aware of more upside, this time towards the 93.00 mark.

Current sub-wave four may look for support around the 91.00 level. The market will remain in bullish shape as long as 89.92 support is not breached.

Oil 1h Elliott Wave Analysis Chart

Analysis by: http://www.Forexpros.com - Written by Gregor Horvat Forexpros

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