Technical analysis

WTI Wave Analysis – 18 February, 2022

WTI Wave Analysis – 18 February, 2022

• WTI broke round support level 90.00

• Likely to fall to support level 86.00

WTI crude oil recently broke the round support level 90.00, intersecting with the support trendline of the daily up channel from December and the 38.2% Fibonacci correction of the previous upward impulse from January.

The breakout of the support level 90.00 accelerated the active minor correction (iv) – which started earlier from the key resistance level 92.00.

WTI crude oil can be expected to fall further toward the next support level 86.00 (target for the completion of the active minor correction (iv)).

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