Sunday, September 10, 2017

Eliiott Wave Analysis - Brent Crude Oil headed for USD 70.00


Brent Crude Oil headed for USD 70.00

Brent Crude Oil bottomed at the modified Pitchfork support-line near 27.00 and has since rallied nicely higher. Brent Crude oil is now break the resistance-line from the May 2015 high at 69.59, which calls for a continuation higher towards 70.00, which also is where the pitchfork resistance-line is seen in mid-December 2017. 

Depending on the price-action after the 70.00 target has been hit will determine, whether the rally from May 2015 only is a correction or a new impulsive rally. 

For now let's concentrate on the rally higher to 70.00.

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