WTI crude oil Wave Analysis 20 February 2024

– WTI crude oil reversed from resistance level 78.20

– Likely to fall to support level 76.00

WTI crude oil recently reversed down from the key resistance level 78.20 (former support from August, which has been reversing the price from the start of November).

The resistance level 78.20 was strengthened by the 38.2% Fibonacci correction of the previous downward impulse from September.

Given the strength of the resistance level 78.20, WTI crude oil can be expected to fall further to the next support level 76.00, which stopped the earlier downward correction.