WTI Wave Analysis – 18 April 2023

• WTI reversed from resistance level 82.55

• Likely to fall support level 79.40

WTI crude oil previously reversed down from the resistance level 82.55 (former strong support from October, which has been reversing all upward corrections after it was broken in November).

The downward reversal from the resistance level 82.55 stopped the previous minor correction 2.

Given the overbought daily Stochastic, WTI crude oil can then be expected to fall further toward the next support level 79.40 (low of the earlier correction from the start of April).