WTI Wave Analysis 14 March 2024

– WTI broke resistance level 80.00

– Likely to rise to resistance level 83.20

WTI crude oil recently broke the round resistance level 80.00 (which has been reversing the price from November).

The breakout of the resistance level 80.00 coincided with the breakout of the 50% Fibonacci correction of the previous sharp downward impulse wave (C) from October.

Given the deterioration of the global risk sentiment, WTI crude oil can be expected to rise further toward the next resistance level 83.20.