Home Oil Broke Trend Line – A Change In Trend?

Oil Broke Trend Line – A Change In Trend?

Oil prices are breaking higher, now testing highs from November 6th. Notice that the price already broke out of the upper channel resistance line which is called a base channel break.

Oil Price Elliott Wave Analysis November 2012

Those who are with us for some time now will know that this break usually occurs in a wave three rally within impulsive recovery. So if  that’s  the case then this market has reached a bottom and is headed much higher in the near future. Ideally, the market is now in wave three of three, headed to 90 area.

On this daily chart we can see that current price is already above the falling trend-line. A close above it will confirm a change in trend.

Oil Price Elliott Wave Analysis November 2012 Daily

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Gregor Horvat

Gregor Horvat

Grega Horvat Grega is based in Slovenia and has been involved in markets since 2003. He is the owner of Ew-Forecast, but before that he was working for Capital Forex Group and TheLFB.com. His feature articles have been published on FXstreet.com, Thestreet.com, Action forex, Forex TV, Istockanalyst, ForexFactory, Fxtraders.eu, Insidefutures.com, etc. He recently won the award on FXStreet.com for Best Forex Analysis in 2016. At Ew-forecast he helps clients and educates them about the Elliott wave principle and how to label and track unfolding patterns in real time. His approach to the markets is mainly technical. He uses a lot of different methods when analyzing the markets such as candlestick patterns, MA, technical indicators etc. His specialty, however, is Elliott Wave Theory which could be very helpful especially if you know how to use it in combination with other tools/indicators. EW-Forecast To be involved in the market effectively, you need the right guidance and resources, and our team can help you to achieve that. Our team is providing advanced informations about Elliott Wave theory in real time. The Elliott Wave Principle gives you a method for identifying the behavior of the markets and at what points the market is most likely to turn. We help new traders who are interested in Elliott Wave theory to understand it correctly. We are doing our best to explain our views as simple as possible with educational goal, because knowledge itself is power!