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01.11.2023 07:12 AM
Crude oil continues to follow the expected path lower. Yesterday, the instrument broke below the former low of wave A at 81.50. This confirms that more downside pressure should be expected in the coming days as crude oil aims for a test of support in the 75.63 - 79.34 area.
Short-term we see resistance at 83.53 which ideally will cap the upside for more downside pressure towards 79.34.
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*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
