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

Nasdaq 100 Wave Analysis 23 December 2024

- Nasdaq 100 reversed from strong support level 21000.00 - Likely to rise to resistance…

2 days ago

USDJPY Wave Analysis 23 December 2024

- USDJPY reversed from key support level 156.35 - Likely to rise to resistance level…

2 days ago

US indices: has the bullish trend broken?

The recent declines in US indices may have broken the bullish trend, indicated by technical…

2 days ago

Dollar: Slowing Momentum, Same Direction

The dollar has paused its strengthening, as weaker-than-expected inflation data reduces fear of future Fed…

2 days ago

Bitcoin Fell Back to Local Support

Bitcoin finds support near the 50-day moving average, but further declines in the stock market…

2 days ago

EURCHF Wave Analysis 20 December 2024

- EURCHF falling inside minor impulse wave 5 - Likely to fall to support level…

5 days ago

This website uses cookies