empty
06.07.2021 07:46 AM
Elliott wave analysis of Crude Oil for July 6, 2021

This image is no longer relevant

Crude oil is testing solid resistance at 76.74 which is expected to protect the upside for a larger corrective decline towards at least 62.67 and likely even closer to support near 57.25. Short-term we could see a spike above the solid resistance at 76.74, but it should be short-lived and quickly be reversed for a break below minor support at 74.41 that will indicate that the top is in place and that a larger corrective decline is in motion towards 62.67 and possibly even closer to support near 57.25.

Trading recommendation:

The top is nearby and it's time to take profit on long position or at tighten up you stop+revers to 74.41 or just sell crude oil here and place you stop at 78.70 for a 16 USD corrective decline.

Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Grand Choice
    Contest by
    InstaForex
    InstaForex always strives to help you
    fulfill your biggest dreams.
    JOIN CONTEST

Recommended Stories

EUR/USD Analysis on May 9, 2025

The wave structure on the 4-hour EUR/USD chart has transformed into a bullish pattern. I believe there's little doubt that this shift was driven solely by the new U.S. trade

Chin Zhao 19:19 2025-05-09 UTC+2

GBP/USD Analysis on May 9, 2025

The wave pattern for the GBP/USD instrument has also shifted into a bullish, impulsive structure—"thanks" to Donald Trump. The wave picture is almost identical to that of EUR/USD. Until February

Chin Zhao 19:16 2025-05-09 UTC+2

GBP/USD Analysis on May 8, 2025

The wave structure for GBP/USD has also transformed into a bullish, impulsive pattern—"thanks" to Donald Trump. The wave picture is nearly identical to that of EUR/USD. Until February

Chin Zhao 19:40 2025-05-08 UTC+2

EUR/USD Analysis on May 8, 2025

The wave pattern on the 4-hour chart for EUR/USD has transformed into a bullish structure. I believe there is little doubt that this transformation was triggered solely

Chin Zhao 19:33 2025-05-08 UTC+2

GBP/USD Analysis on May 7, 2025

The wave pattern for GBP/USD has also transformed into a bullish, impulsive structure—"thanks" to Donald Trump. The wave picture closely resembles that of EUR/USD. Until February 28, we observed

Chin Zhao 19:55 2025-05-07 UTC+2

EUR/USD Analysis on May 7, 2025

The wave pattern on the 4-hour chart for EUR/USD has transformed into a bullish structure. I believe there's little doubt that this transformation has occurred solely

Chin Zhao 19:51 2025-05-07 UTC+2

GBP/USD Analysis – May 6th: The Pound Ignores the BoE

The wave structure for the GBP/USD pair has also transitioned into a bullish, impulsive formation—"thanks" to Donald Trump. The wave picture is nearly identical to that of EUR/USD. Prior

Chin Zhao 19:06 2025-05-06 UTC+2

EUR/USD Analysis – May 6th: The Fed Maintains a Hawkish Stance

The wave pattern on the 4-hour EUR/USD chart has transitioned into a bullish structure. I believe there is little doubt that this transformation occurred solely due to the new trade

Chin Zhao 19:03 2025-05-06 UTC+2

GBP/USD Analysis – May 5th. What is the Bank of England preparing for us?

The wave structure for the GBP/USD pair has also transformed into an upward, impulsive pattern — "thanks" to Donald Trump. The wave picture is almost identical to that

Chin Zhao 18:09 2025-05-05 UTC+2

EUR/USD Analysis – May 5th. Trump's New Tariffs Fail to Impress

The wave structure on the 4-hour chart for the EUR/USD pair has transformed into a bullish one. I believe there's little doubt that this transformation is entirely

Chin Zhao 18:06 2025-05-05 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.