Technical analysis

WTI Wave Analysis – 2 March, 2022

WTI Wave Analysis – 2 March, 2022

• WTI broke resistance zone
• Likely to rise to resistance level 110.00

WTI crude oil recently broke the resistance zone lying between the powerful round resistance level 100.00 and the resistance trendline of of the daily up channel from the middle of December.

The breakout of this resistance zone accelerated the active short-term impulse wave 5 of the higher order impulse wave (3) from last year.

Given the overriding daily uptrend – WTI crude oil can be expected to rise further toward the next resistance level 110.00.

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