Crude Oil Targets $100 As Bullish Recovery Continues

Crude oil is recovering from the $68 area, where the market filled the gap created in March when the US attacked Iran. For now, the bullish recovery from that level still appears incomplete.

Notice that the advance toward the $94 area was impulsive, while the recent pullback appears corrective, potentially forming wave B or wave 2. This suggests that crude oil may now be unfolding another third leg higher, with room toward the important $99.60–$100 resistance area.

The $100 psychological level will be particularly important to watch, as a rejection from there could trigger another reversal. However, since the entire move from the March high still appears corrective, the bigger question is how complex this correction will become. At this stage, it remains unclear whether wave E has already ended or whether another leg lower will develop.

For the near-term direction, however, the bias remains bullish while crude oil trades above $80, keeping the $99.60–$100 area as the next major upside target.