Technical analysis

WTI Wave Analysis 15 October, 2020

WTI Wave Analysis 15 October, 2020

• WTI reversed from key resistance level 41.50

• Likely to fall to 36.60

WTI today once again reversed down from the key resistance level 41.50 (which has been reversing the price from the middle of September).

The resistance area near the resistance level 41.50 was strengthened by the upper daily Bollinger Band and by the 61.8% Fibonacci correction of the downard impulse (i) from August.

WTI is likely to fall further toward the next support level 36.60 (which stopped the previous waves (i) and i, as can be seen below).

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