14.11.202308:25 Forex Analysis & Reviews: Elliott wave analysis of Crude Oil for November 14, 2023

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Crude oil shows evidence of having completed the zig-zag correction from 95.03 with a test of 74.91. The instrument should now proceed higher to test solid resistance near 81.50. After a temporary consolidation near this resistance, we should see crude oil continue higher towards the long-term target seen at 129.30.

Short-term support is seen near 77.45, which ideally will be able to act as a floor for the next push higher towards 81.50 and ultimately, above here too.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.