Categories: Technical analysis

WTI Wave Analysis – 05 August, 2020

• WTI broke major resistance level 41.80

• Likely to rise to 48.50

WTI today broke the major resistance level 41.80 (upper boundary of the deep downward gap from March and the price level which has been reversing the price from the middle of June).

The breakout of the resistance level 41.80 should accelerate the active short-term impulse wave 5 of the (C)-wave from June.

WTI is likely to rise further toward the next resistance level 48.50 (former minor correction top from the start of March).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

Share
Published by
The FxPro Tech Analysis Team
Tags: WTIUSD

Recent Posts

Pro News Weekly: Dollar Leads as Stocks Wobble

Welcome to Pro News Weekly! Here’s what is driving the markets this week: 💵 The…

2 hours ago

Strong macro data and rate spreads are the USD’s main weapon

Strong US macro data and wide rate spreads boost the dollar, pressuring EURUSD and gold;…

8 hours ago

Top 10 Forex Trading Strategies

We have outlined the 10 best forex trading strategies with clear logic, real-world context, and…

9 hours ago

Bitcoin has not crossed the correction line

Bitcoin holds near $95.5K as the market steadies but hasn't confirmed a exit from correction…

9 hours ago

CHFJPY Wave Analysis – 15 January 2026

CHFJPY: ⬇️ Sell - CHFJPY reversed from resistance zone - Likely to fall to support level…

21 hours ago

WTI Crude Oil Wave Analysis – 15 January 2026

WTI Crude Oil: ⬇️ Sell - WTI Crude Oil rising inside minor impulse wave (1) -…

21 hours ago

This website uses cookies