WTI Wave Analysis – 18 June, 2019

• WTI reversed from support area
• Further gains are likely

WTI recently reversed up sharply from the support area lying between the multi-month support level 51.70 (which has been reversing the price from January), 61.8% Fibonacci correction of the previous upward impulse from February and the lower daily Bollinger Band.

The upward reversal from this support area stopped the earlier short-term impulse wave 3 from the start of June.

WTI is expected to rise further and retest the next resistance level 54.75 (top of the previous short-term correction 2).