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

EURJPY Wave Analysis 2 May 2024

- EURJPY under strong bearish pressure - Likely to fall to support level 163.10 EURJPY…

5 hours ago

WTI crude oil Wave Analysis 2 May 2024

- WTI broke round support level 80.00 - Likely to fall to support level 76.00…

5 hours ago

ADP hints at another strong NFP on Friday

The monthly ADP labour market report showed that America created 192K new jobs in April, above…

1 day ago

Fed’s hawkish tone risks sinking S&P500 to 4700

Bears showed strength ahead of the FOMC decision.  U.S. indices sagged on Tuesday as investors…

2 days ago

A new stage of Bitcoin’s decline

Market Picture  Bitcoin's closing price on Tuesday became the lowest since late February, confirming the…

2 days ago

Ebay Wave Analysis 30 April 2024

- Ebay under the bearish pressure - Likely to fall to support level 51.00 Ebay…

2 days ago

This website uses cookies