Technical analysis

WTI crude oil Wave Analysis – 22 March 2023 

• WTI crude oil reversed from support level 64.40

• Likely to rise to resistance level 73.20

WTI crude oil recently reversed up from the powerful support level 64.40 (which has been reversing the price from the middle of May).

The upward reversal from the support level 64.40 stopped the previous impulse waves 3 and (C).

Given the triple bullish divergence on the weekly Stochastic, WTI crude oil can then be expected to rise further toward the next resistance level 73.20, former strong support from February and January.

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