WTI Wave Analysis 17 April 2024

– WTI reversed from resistance zone

– Likely to fall to support level 80.00

WTI crude oil recently reversed down from the resistance zone lying between the resistance level 86.00, upper daily Bollinger Band and the resistance trendline of the daily up channel from December.

The downward reversal from this resistance zone started the active minor ABC correction 2.

WTI crude oil can be expected to fall further to the next round support level 80.00 (former low of wave (4) from March).