WTI & Brent Crude Oil Technical Analysis - Elliott Wave Update
Why It Matters
Understanding these support and resistance zones helps oil traders gauge short‑term price risk amid ambiguous Elliott Wave signals, influencing hedging and position‑sizing decisions.
Key Takeaways
- •Oil chart may be misreading a five‑wave decline, not a triangle.
- •Key support levels identified around $85 and $93.65 for crude.
- •Potential resistance zone spans $103.91 to $108.62 if wave B rebounds.
- •Downward pressure dominates; bearish triangle sits within broader bullish framework.
- •Market currently range‑bound, lacking clear trend despite Elliott Wave signals.
Summary
The video provides an Elliott Wave‑based technical read on WTI and Brent crude, questioning whether the recent price pattern forms a bullish triangle or merely a five‑wave decline. The analyst emphasizes that chart interpretation hinges on wave counts and broader market context.
Key levels are highlighted: immediate support near $85 and a secondary floor around $93.65, while resistance is projected between $103.91 and $108.62 should a wave‑B bounce occur. The bearish triangle is viewed as part of an overall bullish trajectory, with a potential wave‑C decline looming if the bounce fails.
Notable remarks include, “pressure is pointing to the downside,” and a reminder that “we’re in a larger range, not a trending move.” The analyst stresses that the market’s current state is range‑bound, making any directional bias speculative.
For traders, the takeaway is to monitor the $85‑$93.65 support corridor closely and treat the $103.91‑$108.62 band as a tentative ceiling. Given the lack of a clear trend, risk management and flexibility remain paramount.
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