Market Overview

WTI Wave Analysis – 26 November, 2021

WTI Wave Analysis – 26 November, 2021

• WTI under strong bearish pressure

• Likely to fall to support level 67.35

WTI under the bearish pressure today after the price broke the two key support levels – 74.85 (low of the previous impulse wave 1) and 73.00 (low of the correction (iv)).

The breakout of these support levels accelerated the active minor impulse wave 3 – which belongs to the sharp downward impulse wave (C) from the start of November.

Given the global deterioration of risk sentiment on the discovery of the new Covid variant – WTI can be expected to fall further toward the next support level 67.35 (low of wave 2 from September).

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