Categories: Market Overview

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).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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