WTI crude oil Wave Analysis – 7 July, 20211

• WTI crude oil reversed from resistance zone
• Likely to fall to support level 69.20

WTI crude oil recently reversed down with the daily Bearish Engulfing from the resistance zone located between the resistance support level 76.00 and the upper daily Bollinger Band.

The downward reversal from this resistance zone stopped the previous impulse waves (iii) and 3.

Given the strength of the aforementioned resistance zone, WTI crude oil can be expected to fall further toward the next support level 69.20 (low of the previous wave (ii) from the middle of June, 50% of the upward impulse from May).