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14.11.2023 08:25 AM
Elliott wave analysis of Crude Oil for November 14, 2023

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Crude oil shows evidence of having completed the zig-zag correction from 95.03 with a test of 74.91. The instrument should now proceed higher to test solid resistance near 81.50. After a temporary consolidation near this resistance, we should see crude oil continue higher towards the long-term target seen at 129.30.

Short-term support is seen near 77.45, which ideally will be able to act as a floor for the next push higher towards 81.50 and ultimately, above here too.

Summary
Urgency
Analytic
Torben Melsted
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