empty
24.06.2021 07:51 AM
Elliott wave analysis of Crude Oil for June 24, 2021

This image is no longer relevant

Crude oil has rallied nicely and is now facing strong resistance at 76.90 just ahead. We might see a temporary break above this resistance, but it should only be temporary and force a correction towards to at least 57.63 in a corrective decline and possible even as deep as 43.60.

The rally from 57.63 towards key-resistance at 76.90 has been followed by a diverging RSI - Not confirming the new price-top indicating a loss of upside momentum and a top nearby. Shorth-term a break below support at 72.05 will indicate that a top is in place and the correction towards 57.63 is developing.

Trading recommendation:

Sell oil near 76.90 or upon a break below 72.05 for a decline to at least 57.63.

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

Analysis for EUR/USD on March 20, 2025

The wave structure on the 4-hour chart for EUR/USD is at risk of transforming into a more complex formation. A new downtrend structure started forming on September 25, which took

Chin Zhao 18:37 2025-03-20 UTC+2

GBP/USD Analysis – March 18th

The wave structure for GBP/USD remains somewhat ambiguous yet generally clear. At present, there is a high probability that a long-term downward trend is forming. Wave 5 has taken

Chin Zhao 18:45 2025-03-18 UTC+2

EUR/USD Analysis – March 18th

The wave structure on the four-hour chart is at risk of transforming into a more complex formation. A new downward wave structure began forming on September 25, taking the shape

Chin Zhao 18:43 2025-03-18 UTC+2

EUR/USD Analysis – March 17th

The 4-hour wave analysis for EUR/USD is at risk of transforming into a more complex structure. A new downward trend began on September 25, taking the form of a five-wave

Chin Zhao 17:34 2025-03-17 UTC+2

Weekly Forecast Based on Simplified Wave Analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, #Ethereum, and #Litecoin – March 17th

GBP/USD Since January, an upward wave has been forming on the GBP/USD chart. The wave structure analysis shows that this wave remains incomplete. After breaking through another resistance level

Isabel Clark 09:34 2025-03-17 UTC+2

Weekly Forecast Based on Simplified Wave Analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, #Bitcoin, and #Ripple – March 17th

Since February 3 of this year, the chart of the euro has been forming an upward wave zigzag. The wave structure analysis indicates that a correction is forming

Isabel Clark 09:23 2025-03-17 UTC+2

Weekly Forecast BasSimplified Wave Analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, Ethereum, and Litecoin on March 10th

Analysis:The upward wave that started on January 13th remains incomplete, forming a new segment of the dominant global uptrend. The pair is currently trading within a narrow range between opposing

Isabel Clark 09:26 2025-03-10 UTC+2

Weekly Forecast Based on Simplified Wave Analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, GOLD, and Bitcoin on March 10th

Analysis:Since early February, the euro has been forming an upward zigzag wave, marking the beginning of a new bullish trend. The pair has reached a significant potential reversal zone

Isabel Clark 09:20 2025-03-10 UTC+2

GBP/USD Analysis – March 5th: The Pound Benefits from Trump

The wave structure for GBP/USD remains somewhat ambiguous but still largely understandable. Currently, the likelihood of forming a long-term downward trend remains high. Wave 5 has taken a convincing shape

Chin Zhao 19:25 2025-03-05 UTC+2

EUR/USD Analysis – March 5th

The wave pattern on the 4-hour EUR/USD chart appears clear and structured. A new downward cycle began on September 25, forming a five-wave impulse structure. Two months ago, a corrective

Chin Zhao 19:23 2025-03-05 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.