Technical analysis

WTI Wave Analysis – 18 December , 2018

WTI Wave Analysis – 18 December , 2018
  • WTI broke through the support level 50.00
  • Further losses are likely

WTI today broke through the powerful round support level 50.00 (which has been steadily reversing the price from October of 2017 – as can be seen below).

The breakout of the support level 50.00 accelerated the active medium-term impulse wave (3) – which belongs to the sharp downward impulse sequence from the star of October.

WTI is expected to fall further and re-test the next multi-month support level 42.50 (which reversed the price in the June of 2017). Strong resistance now stands at 50.00.

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