Elliott wave analysis of Crude Oil for February 10, 2021

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Crude oil has seen a tremendous run since the April 20 low at -40.32, but is now facing strong resistance near 63.02 which is expected to cap the upside for a more prolonged correction towards 45.26 before the next push higher through the trend-line resistance from the July 2008 peak at 147.27. A break above the trend-line resistance at will call for a continuation higher to the resistance-area between 75 - 77.

Short-term support is seen at 58.35 and again at 56.31.

Trading recommendation:

If you are long oil, it's time to tighten your stops and maybe consider taking profit near 63.00

The material has been provided by InstaForex Company - www.instaforex.com

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