Chart of the day

Where do we stand fundamentally?

Oil demand has been squeezed recently and is locked in a narrow range which caused a big fall in prices together with eliminating negative effects from an ongoing armed conflict in the world.

Oil is reaching now a strong upside resistance of 78.20. We are seeing a bounce from it for now and a confirmation of this bounce with a break above 78.20 will lead to another retest of 93.600.

This should be the beginning of the third Elliott upside long-term wave especially if we get a confirmed break above 93.600.

_{Look for long trade entries with a stop loss below 77 upon a breakout above 79.900 to target 93.700.}