Technical analysis

WTI Wave Analysis 20 November 2023

– WTI reversed from pivotal support level 74.00

– Likely to rise to resistance level 80.00

 WTI crude oil recently reversed up from pivotal support level 74.00 (former resistance from May and June) intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 74.00 created the daily Japanese candlesticks reversal pattern Piercing Line, which stopped the previous medium-term ABC correction (2).

Given the strength of the support level 74.00, WTI crude oil can be expected to rise toward the next resistance level 80.00 , the target for the completion of the active impulse wave i, top of the previous correction iv.

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