Crude Oil Will Be Expected To Find A Support As Mobility Gets Back To Normal Due To Removed Lockdowns

Crude oil is slow around $60 per barrel, which makes us think that this is a correction within downtrend after that strong drop from $68.00 that can be counted in five waves. Ideally, it's a triangle in wave here, so be aware of a more weakness in days ahead, either from here or after a retest of $63.00 resistance where wave B could look for a top as well, but with more complex structure. We will look lower as long as market trades below 67.84.

But let's not forget that higher degree trend is still up and ready to resume after a deeper correction. We also think that demand will pick up as lockdown are going to be removed which could make oil stronger during summer due to higher mobility.

*charts source