WTI crude oil Wave Analysis 9 January 2025

– WTI crude oil reversed from support level 72.25

– Likely to rise to resistance level 74.60

WTI crude oil recently reversed up from the key support level 72.25 (former resistance from October and November, as can be seen below).

The upward reversal from the support level 72.25 continues the c-wave of the active ABC correction 2 from the middle of November.

WTI crude oil can be expected to rise in the active minor c-wave to the next resistance level 74.60, coinciding with the resistance trendline of the narrow daily up channel from last month.