WTI Wave Analysis – 11 May, 2022

• WTI reversed from support area
• Likely to rise to resistance level 108.80

WTI crude oil recently reversed up from the support area located between the key support level 97.60 (which has been reversing the pair from April) and the lower daily Bollinger Band.

The price is currently forming the daily Bullish Engulfing – which should stop the earlier downward correction (ii).

Given the clear uptrend – WTI crude oil can be expected to rise further toward the next resistance level 108.80 (which has been reversing the earlier waves 1 and (i)).