WTI Wave Analysis – 18 May, 2020

• WTI under bullish pressure

• Likely to rise to 35.00

WTI has been under bullish pressure after the price broke the resistance zone located between the resistance level 29.17 (top of the previous waves 4 and (ii)) and the 50% Fibonacci correction of the previous downward impulse from February.

The breakout of this resistance zone accelerated the C-wave of the active medium-term corrective wave (4). WTI is likely to rise further toward the next resistance level 35.00 (former resistance from March and the target for the completion of wave (4)).