Technical analysis

WTI crude oil Wave Analysis – 10 August, 2021

• WTI crude oil reversed from support zone

• Likely to rise to resistance level 72.50

WTI crude oil previously reversed up from support zone lying between the strong support level 65.00 (previous monthly low from July), 100-day moving average, lower daily Bollinger band and the 61.8% Fibonacci correction of the sharp upward impulse from May.

The upward reversal from this support zone started the active short-term impulse wave (iii).

WTI crude oil can be expected to rise further toward the next resistance level 72.50 – followed by the resistance level 75.00.

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