Technical analysis

WTI crude oil Wave Analysis – 4 July 2023


– WTI crude oil broke daily Triangle

– Likely to rise to resistance level 72.80

WTI crude oil recently broke the resistance trendline of the daily Triangle from the end of May.

The breakout of this resistance zone this Triangle follows the earlier breakout of the round resistance level 70.00, which strengthened the bullish pressure on this instrument.

Given the strength of the nearby powerful support level 68.00, WTI crude oil can be expected to rise further toward the next resistance level 72.80 (top of the previous minor correction 2 from June).

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