Crude Oil : Technical Analysis dated: 21 Apr 2010

It appears that the crude oil has reached a tipping point in prices. The $87.5, seems to be an intermediate top for crude prices. There is possibly an Ending Daigonal to Wolfe Wave sort of structure for crude oil. I expect crude oil come down but with a stop loss of $87. The current price of crude oil is $83.85.


The immediate for crude oil is now $80, where the price had settled for around 10 to 15 days. A break of this level can result in a small rebound again to test this price of $80.

I am under the impression that the following prices shall be target level for the crude oil:

Target 1: $ 70

Target 2: $65

Target 3: $58

All targets are valid with a stop loss of $ 87 for the current price of $83.85.

 
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