WTI Wave Analysis – 18 May, 2022

• WTI reversed from resistance area
• Likely to fall to support level 105.00

WTI crude oil recently reversed down from the resistance area located between the key resistance level 110.00 (which has been reversing the price from April) and the upper daily Bollinger Band.

This resistance zone near was further strengthened by 50% Fibonacci correction of the downward ABC correction (2) from the start of March.

WTI crude oil can be expected to fall further toward the next support level 105.00.