Crude Wobble & Run

Crude oil has been holding resistance at the supply zone just above $50 following a first wave, the correction moving the market sideways. We expect crude to complete a C wave of this correction and then encounter demand, sending the price upward.

With this in mind, we are short term bearish and medium term bullish. We expect the demand rush after this corrective wave to push the price of oil above its recent highs.