20 Oct 2015 Technical Chart Crude oil Keep an eye

Since the beginning of July crude oil was falling down. The fall was breaking up into lower degree waves. However, it completed an impulse on the downside and entered a pullback mode. The pullback is breaking up into lower degree waves. The oil formed a triangular consolidation and has started its next leg up. However, the up move is subdividing into lower degree waves. After fi rst leg of the advance, the oil has formed a minor degree correction, which has taken support near the key daily moving averages. Overall, the oil can extend till $53.10-53.89. On the other hand, a swing low of $43.97, will act as a major support.
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