Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

Crude Oil Is Looking Impulsive On The Intra-Day Basis; Could See $93.00

|Includes:iPath S&P Crude Oil Total Return Index ETN (OIL)

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.

(click to enlarge)Click to enlarge

For more analysis visit us at http://www.ew-forecast.com/

Absolutely FREE 7-day Trial Is Available to New Members!

Stocks: OIL