The Crude (US OIL 0.55% ) has been consolidating on the wave 4 movements for some time, the consolidation has led to the formation of a symmetrical triangle.
Should the asset continue moving up, we expect it to meet a minor resistance at the 50.42 region, a minor throwback may occur before we see more continuation upwards.
We at Astute Financials would be expecting the price of this asset to move upward toward the continuation of the Impulse 5th wave move. Hence we are Bullish on Crude.
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