Crude oil is coming nicely higher from 77.70 where we called a potential bounce last week. So far, the move looks very strong and impulsive so a break out of a channel would not be a surprise. We think there can be more upside coming while the market is above 77.72.
That should interest you
Crude oil is higher as demand continues as governments are not making any new restrictions ( yet) due to increasing covid cases. Price is approaching 2021 highs which can be retested, but the question is if this will be made by three waves or impulse.
Crude hits a new high and is coming down now, out of a channel so a five-wave rally can be finished, thus be aware of a retracement back to former wave four.