WTI Wave Analysis 18 September 2024

– WTI reversed from round resistance level 70.00

– Likely to fall to support level 68.00

WTI crude oil recently reversed down from the round resistance level 70.00 (former strong support from January).

The resistance level 70.00 was strengthened by the nearby 20-day moving average and by the 50% Fibonacci correction of the sharp downward impulse from last month.

Given the clear daily downtrend, WTI crude oil can be expected to fall further to the next support level 68.00.