WTI crude oil Wave Analysis 8 May 2024

– WTI crude oil reversed from support area

– Likely to rise to resistance level 80.00

WTI crude oil recently reversed up with the daily Hammer from the support area lying between the pivotal support level 77.00 (which has been reversing the price from February), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward impulse from February.

The upward reversal from the support level 100.45 stopped the previous short-term ABC correction 2.

Given the still oversold daily Stochastic, WTI crude oil can be expected to rise further to the next round resistance level 80.00.