Categories: Technical analysis

WTI Wave Analysis 15 August 2023

   

– WTI reversed from resistance level 82.50

– Likely to fall to support level 76.80.

WTI crude oil recently reversed down from the major long-term resistance level 82.50 (which has been reversing the price from the end of last year).

The resistance level 82.50 was strengthened by the upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous downtrend from last year. Given the strength of the resistance level 82.50 and the overbought weekly Stochastic, WTI crude oil can be expected to fall further toward the next support level 76.80

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

Tesla Wave Analysis – 10 March 2025

Tesla: ⬇️ Sell        Tesla falling inside sharp impulse waves 5 and (C) Likely to fall…

13 hours ago

Ebay Wave Analysis – 10 March 2025

Ebay: ⬇️ Sell - Ebay reversed from the resistance area - Likely to fall to…

13 hours ago

S&P 500 Wave Analysis – 10 March 2025

S&P 500: ⬇️ Sell - S&P 500 index broke support zone - Likely to fall…

15 hours ago

GBPCAD Wave Analysis – 10 March 2025

GBPCAD: ⬆️ Buy - GBPCAD rising inside minor impulse wave 3 - Likely to reach…

15 hours ago

Gold traders weighting the next move

Gold may fly to the new heights but there are risks following the stock indices.

17 hours ago

US indices desperately cling to the 200-day MA

S&P500 and Nasdaq100, dipped but found support at their 200-day MA, indicating a possible shift…

19 hours ago

This website uses cookies