Technical analysis

WTI Wave Analysis – 13 July, 2022

WTI Wave Analysis – 13 July, 2022

• WTI reversed from support level 92.93
• Likely to rise to resistance level 97.00

WTI recently reversed up from the strong support level 92.93 (former monthly low from March and April), standing near the 50% Fibonacci correction of the upward impulse from December.

The upward reversal from the support level 92.93 stopped the previous minor impulse waves (iii) and 3 – which belong to wave (C) from June.

Given the still oversold daily Stochastic, WTI can be expected to rise further toward the next resistance level 97.00.

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