Technical analysis

WTI crude oil Wave Analysis 31 August 2023

– WTI crude oil rising inside impulse wave (3)

– Likely to test resistance level 84.00

WTI crude oil continues to rise inside the intermediate impulse wave (3), which previously broke the daily down channel from the start of August (enclosing the earlier ABC correction (2)).

The breakout of this down channel strengthened the bullish pressure on WTI crude oil.

Given the strength of the active impulse wave (3), WTI crude oil can be expected to rise further toward the next resistance level 84.00 (which stopped the previous impulse wave (1)).

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