WTI Analysis 03 November, 2020

• WTI reversed from support area

• Likely to rise to 41.60                                                                                           

WTI continues the steady advance after the price reversed up from support area made out of the support level 35.00, lower daily Bollinger Band and the 38.2% Fibonacci correction of the sharp upward impulse from May.

The upward reversal from this support area created the daily reversal pattern Morning Star, which started the active short-term corrective wave (ii).

WTI is likely to rise further toward the next resistance level 41.60 (top of the previous corrective waves (a) and B from September and October respectively).