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2 Apr 2015
Oil might target $33 once correction ends – EW-Forecast
FXStreet (Barcelona) - Gregor Horvat of EW-Forecast, believes Crude oil might resume its slide soon, anticipating a move towards $33.
Key Quotes
“Oil can be targeting $33 once correction is complete”
“Crude oil fell to a new low but this does not mean that corrective fourth wave is complete. In fact, price turned up, back above 50 last week, so we assume that correction is still unfolding.”
“With that in mind, we will be looking even lower once the sideways move is finished. Based on latest price action we assume that energy is forming a triangle pattern.”
Key Quotes
“Oil can be targeting $33 once correction is complete”
“Crude oil fell to a new low but this does not mean that corrective fourth wave is complete. In fact, price turned up, back above 50 last week, so we assume that correction is still unfolding.”
“With that in mind, we will be looking even lower once the sideways move is finished. Based on latest price action we assume that energy is forming a triangle pattern.”