WTI crude oil Wave Analysis – 3 December, 2021

• WTI crude oil reversed from support zone

• Likely to rise to resistance level 70.00

WTI crude oil recently reversed up from the support zone lying between the key support level 62.00 (which has been reversing the price from May) and the lower daily Bollinger Band.

The upward reversal from this support zone created the daily Hammer, which stopped the previous short-term ABC correction (ii).

Given the improvement in global risk sentiment – WTI crude oil can be expected to rise further toward the next round resistance level 70.00.