Crude Awakening: Why Oil is Set to Explode
Crude Oil has been in Wave 2 since June of last year, which is a corrective wave that typically follows a five-wave impulsive move. During this time, prices have been consolidating in a range, forming a base for the next impulsive move to the upside. Recently, Crude Oil bottomed out during the middle of March, confirming the end of Wave 2 and the start of Wave 3. Wave 3 is usually the most powerful wave in a trend, and it is where prices tend to move impulsively in the direction of the trend.
Based on my analysis, I believe that Crude Oil is headed for a strong upward move, with a price target range between
87
and $105. This is based on a combination of technical analysis and fundamental factors such as supply and demand. The chart suggests that Crude Oil has completed its correction and is now ready to resume its uptrend. In addition, there are several fundamental factors that support higher prices, such as the global economic recovery, the ongoing supply cuts by major oil producers, and the potential for increased demand as economies reopen. All these factors combined suggest that we are in a favorable environment for Crude Oil to head to the upside, and I am confident that this is a good opportunity to invest.
Based on my analysis, I believe that Crude Oil is headed for a strong upward move, with a price target range between
87
and $105. This is based on a combination of technical analysis and fundamental factors such as supply and demand. The chart suggests that Crude Oil has completed its correction and is now ready to resume its uptrend. In addition, there are several fundamental factors that support higher prices, such as the global economic recovery, the ongoing supply cuts by major oil producers, and the potential for increased demand as economies reopen. All these factors combined suggest that we are in a favorable environment for Crude Oil to head to the upside, and I am confident that this is a good opportunity to invest.