WTI crude oil Wave Analysis – 8 January 2026

WTI crude oil: ⬆️ Buy

– WTI crude oil reversed from support zone

– Likely to rise to resistance level 58.50

WTI crude oil recently reversed from the support zone between the long-term support level 55,2 (which has been reversing the price from April), support level 56.35 and the lower daily Bollinger Band.

The upward reversal from this support zone formed the daily Japanese candlesticks reversal pattern Hammer – which stopped the earlier impulse waves iii and 5.

Given the strength of the nearby support zone, WTI crude oil can be expected to rise to the next resistance level 58.50 (top of the previous correction ii).