WTI crude oil Wave Analysis 16 July 2024

– WTI broke support level 80.00

– Likely to fall to support level 78.00

WTI crude oil just broke the round support level 80.00, former resistance from May, which has been reversing the price from June.

The breakout of the support level 80.00 coincided with the breakout of the 38.2% Fibonacci correction of the previous upward impulse wave i from the start of June.

WTI crude oil can be expected to fall further to the next support level 78.00 (former minor support from the middle of June).