WTI Wave Analysis – 18 January, 2023

• WTI reversed from key resistance level 81.6

• Likely to fall to support level 80.00

WTI crude oil recently reversed down from the key resistance level 81.6 (former low of wave (B) from October, which has been reversing the price from November).

The resistance level 81.60 was further strengthened by the upper daily Bollinger Band and by the 50% Fibonacci correction of the downward impulse from (1) from November.

Given the overbought daily Stochastic and the strong daily downtrend, WTI crude oil can be expected to fall further toward the next support level 80.00.