WTI Wave Analysis – 16 May, 2019

WTI rising inside ABC correction (2)
Further gains are likely

WTI continues to rise inside the medium-term ABC correction (2) which started recently from the support area surrounding the support level 60.00.

This support area was further strengthened by the lower daily Bollinger Band, support trendline of the daily up channel from February and by the 50% Fibonacci correction of the previous upward impulse from March.

WTI is expected to rise further and retest the next resistance level 66.55 (monthly high from April and the target price for the completion of the wave (2)).

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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