Technical analysis

WTI crude oil Wave Analysis – 19 July, 2021

• WTI crude oil broke support zone
• Likely to fall to support level 64.00

WTI crude oil recently broke the support zone lying between the round support level 70.00 (which has been reversing the pair from the middle of June) and the 38,2% Fibonacci correction of the upward impulse from May.

The breakout of the support level 70.00 accelerated the (c)-wave of the active ABC correction 4 from the middle of May.

WTI crude oil can be expected to fall toward the next support level 64.00 (target price for the completion of the active ABC correction 4).

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