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Crude Oil's Break Above 46.38 Indicates Higher Levels Ahead

By Gregor HorvatCommoditiesSep 09, 2016 03:50AM ET
www.investing.com/analysis/crude-oil:-break-above-46.38-indicates-higher-levels-200152592
Crude Oil's Break Above 46.38 Indicates Higher Levels Ahead
By Gregor Horvat   |  Sep 09, 2016 03:50AM ET
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On the 4h chart of crude oil we have seen a very deep retracement from 49.35 to 43.00 but in three waves which means that it can be a corrective move.

An updated count shows idea of wave two pullback that bounced from important 61.8% Fibonacci retracement level and turned above 46.38 where overlap confirms a bullish view. As such, we will expect even more gains now as wave 2) pullback appears completed. Ideally, wave 3) is going to break above August highs.

Crude oil, 4H

Crude Oil 4-Hour Chart
Crude Oil 4-Hour Chart

Crude Oil's Break Above 46.38 Indicates Higher Levels Ahead
 

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Crude Oil's Break Above 46.38 Indicates Higher Levels Ahead

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