WTI Analysis 09 November, 2020

• WTI broke daily down channel

• Likely to rise to 41.90 and 43.80

WTI continues to rise after the earlier breakout of the resistance trendline of the daily down channel from August (which enclosed the two previous waves A and B, as can be seen below).

The breakout of this down channel strengthened the bullish pressure on WTI accelerating the active short-term wave (ii) from the end of October.

WTI is likely to rise further toward the next resistance level 41.90 (top of the previous wave B from last month) – the breakout of which will lead to further gains toward 43.80 (monthly top from August).