Elliott Wave Analysis: Crude Oil Can Find a Support Near $6

Technical analysis of Forex market

Crude oil is turning down despite after OPEC+ countries agreed to extend the majority of production cuts through April. We saw price spiked highe after that news and it is coming down now. However, we think this can be only a temporary retracement as we think that demand may increase as global lockdown restrictions can be removed slowly in upcoming weeks which may support oil prices.

Based on Elliott Wave principle we see ongoing impulsive recovery on crude oil which is now having only a temporary pause, seen in wave four that may retest the 60.00 support; a key technical level for a nex bounce if we consider the area of a former wave four and the very important 38.2% Fib.