WTI Wave Analysis 2 October 2024

– WTI reversed from pivotal resistance level 71.30

– Likely to fall to support level 68.00

WTI crude oil recently reversed down from the pivotal resistance level 71.30 (former double bottom from August) intersecting with the upper daily Bollinger Band and the resistance trendline of the daily down channel from July.

The downward reversal from the resistance level 71.30 is likely to form the daily Japanese candlesticks reversal pattern Shooting Star.

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