WTI crude oil Wave Analysis – 12 September, 2022

• WTI reversed from key support level 85.00

• Likely to fall to resistance level 90.00

WTI crude oil recently reversed up from the key support level 85.00 (former multi-month high from October of 2021), intersecting with the 61.8% Fibonacci correction of the upward impulse from December.

The upward reversal from the support level 85.00 created the daily candlesticks reversal pattern Morning Star – which marked the end of the earlier primary ABC correction from March.

WTI crude oil can be expected to rise further toward the next round resistance level 90.00.