Crude Oil Technical Analysis Today
We continue to analyse crude oil market on different time frames.
The bullish 4th correction wave (drawn with a grey line) on a Weekly chart will likely turn into a new bullish momentum A wave when we get confirmation from the old 4-Month time frame that will be seen on its Awesome Oscillator (AOx4 on the chart). The main red line on AO should cross the brown balance line and better the zero line as well.
Brent crude oil on an 8-Hour chart continues to form a bullish momentum A wave (drawn with a chocolate line) that has already beaten the high on AO corresponding to the previous B correction wave. It has also outperformed the starting point of the previous 3-wave bearish move. This means the current bullish wave is quite a strong one.
2-Hour chart is showing the bullish impulse C wave in progress (plotted with a red line). A correction is possible however the main direction is bullish.