WTI crude oil Wave Analysis 28 May 2024

– WTI crude oil reversed from key support level 76.70

– Likely to rise to resistance level 81.10

WTI crude oil recently reversed up from the support zone located between the key support level 76.70, which has been reversing the price from February.

The support level 76.70 was strengthened by the lower daily Bollinger Band and by the 61.8% Fibonacci correction of the upward impulse from February.

Given the bullish divergence on the daily Stochastic, WTI crude oil can be expected to rise further to the next resistance level 81.10.