Oil is
forming an impulsive price action from 87.87 swing low. The reason is recent
strong reaction towards 92.00 figure yesterday which has been very strong and
sharp in short-period of time. That’s a personality of a third wave, so we
think that market is forming a five wave pattern. With that in mind, be aware
of more upside, this time towards 93.00 mark. Current sub-wave four may look
for support around 91.00 level. Market remains in bullish shape as long as
89.92 support is not breached.
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