Oil Prices Ready To Gain Towards and Above $93!?-Elliott

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Oil prices are higher today after the anti-government protesters rallied in Tripoli’s streets, tribal leaders spoke out against long-time leader Muammar Gaddafi, and army units defected to the opposition as one of the bloodiest revolts in the region, CNBC reported.

Oil moved lower in recent weeks, but technically speaking, prices were able to stay above the lowest rising base channel line, which means that trend remains bullish.

Oil Elliot Wave Chart February 21

Guest post by Gergor Horvat.

In fact, a decline from the most recent 93 highs was in three waves, so it appears to be only a corrective retrace, labeled as a wave (4), with wave (5) yet to come. If we are on the right track then levels around 94, and 97 will be reached in weeks and months ahead! Bullish bias as long as the supports around $83.70 per barrel holds!

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Yohay Elam – Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I’ve accumulated. After taking a short course about forex. Like many forex traders, I’ve earned the significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I’ve worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.

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