Oil is rejected from the 77 resistance
Oil seems to be completing 5 waves from the bottom long-term strong resistance confluence 77 has been tested and Oil is rejected here. This is a strong horizontal upside resistance coupled with 50% retracement of the 2009-2020 swing down and it could be the end of the 5th wave if we get a break below 70. A breakout above 77 is needed in the long run for the upside extension to 94 and higher.
On the weekly chart, we can see that Oil is inside the medium-term rising wedge which could be broken below 70. For a confirmed breakout to the downside and a correction, we need to see price action below this indicated level.
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On a daily chart, we can see that the Already a member? This article is so good, it’s for premium members only.
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