Crude oil has started moving forward since May. And it will not stop here. It’s just a WXY correction.
According to Elliott’s wave theory, it has completed the sub-wave under the 4th wave. It’s consolidation time. Crude oil prices may fluctuate between the range of 4000 – 5400. Hence, long-term investors can keep buying crude oil.
So, what about short-term investors and intraday traders? If you look into 4 hours chart, it seems bullish from here. Crude oil is trying to break the resistance trendline. Whenever that the resistance trendline break, then we may see the prices at 5300 – 5400+.
Kindly note, if crude oil remains below to resistance trendline, then do not buy.
What happens if it does not break the resistance trendline? I will update my next MCX crude oil report.
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