Crude Oil Chart Review: This article focuses on the theoretical analysis of crude oil price trends, particularly crude oil futures prices. The geopolitical situation in Yemen is a major concern as it could directly impact crude oil futures prices. While this situation poses a potential threat to my short position, I hope my assessment is incorrect as I will maintain my short position over the weekend. Barring any unexpected major disruptions, prices could rise toward the 88.76 resistance level at Monday's open. To start the year, crude oil futures prices have trended slightly upward but remained flat, creating a favorable trading environment. If prices break below the ascending channel on the hourly chart, they could fall to the 84.21 uptrend level. Looking at the 4-hourly chart, I expect a downtrend for this currency pair.
After this potential decline, prices could reverse and begin to rise, with the fourth wave of the Elliott Wave pattern targeting the growth level around 91.75. Reaching this level increases the likelihood of a reversal and signals the beginning of the fifth wave of the Elliott Wave pattern. On the daily chart, despite the prominent upper wick, the candlestick geometry does not match the pin candlestick characteristics. The outlook is bullish, but the pace is accelerating. Despite some setbacks, I remain determined to push the price to at least $92.76 per barrel. Given the unpredictable behavior of the crude oil market, I am considering alternative strategies. The recent, lower-than-expected price decline has forced me to reevaluate my strategic decisions and highlights the challenges associated with managing crude oil price volatility. However, I remain determined to maintain the upward trajectory and achieve a significant price increase to $92.76 per barrel.
