Categories: Technical analysis

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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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.

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