Market Snapshots

WTI Wave Analysis – 7 May, 2020

WTI Wave Analysis – 7 May, 2020
  • WTI broke the resistance area
  • Likely to rise to 28.90

WTI recently broke the resistance area lying between the round resistance level 20,00, resistance level 22.47 and the 61.8% Fibonacci correction of the previous sharp downward impulse (v) from April.

The breakout of this resistance area accelerated the active short-term ABC correction 4.

WTI is expected to rise further toward the next resistance level 28.90 (monthly high from April and the target for the completion of the active correction 4).

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