Technical analysis

WTI Wave Analysis – 02 December, 2019

WTI Wave Analysis – 02 December, 2019
  • WTI reversed from support level 55,00
  • Likely to rise to 58,00

WTI recently reversed up from the support level 55,00 (low of the earlier wave (iv)) – strengthened by the lower daily Bollinger Band and 50% Fibonacci correction of the previous upward impulse from October.

The upward reversal from the support level 1.9070 started the active impulse wave (c).

WTI is expected to rise further toward the next resistance level 58,00 (which reversed the price multiple times in November).

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