Oil; Three wave move, or downtrend continuation?
4 Hour Chart trend: Mixed. Main price points: 65, 66.78, and 69. Looking for: Break through 66.78
Oil has made a strong move to our 66.78 target area after a break of 69.00 dollars per barrel, discussed on Monday. We can already see some pull-back reactions from the current support area, which means that traders with a short bias need to be patient here, as we may quickly be back to a test of the 69.00 area as resistance. Any break through the recent wave iii/c lows will lead us into the 65.00 support zone.
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