The long-term support for oil

Long-term Elliott Wave  support levels for oil suggest further loses although the short-term outlook should see a bear market correction, says Walter Zimmermann at United-ICAP. Fibonacci targets for a rally currently stand at 40.53, 42.25 and 43.64. Meanwhile, Elliott Wave targets for a continued decline stand as low as 25.25. WTI will need to break above 43.65 to signal a reverse of the current trend.

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