Technical analysis

WTI Wave Analysis – 2 September, 2021

• WTI broke resistance zone

• Likely to rise to resistance level 74,00

WTI crude oil recently broke the resistance zone lying between the resistance levels 69.10 and 70,00 (these levels have been reversing the price from the start of August).

The breakout of this resistance zone coincided with the breakout of the 61,8% Fibonacci correction of the downward impulse wave (c) from July.

WTI crude oil can be expected to rise further toward the next resistance 74,00 (top of wave (b) from the end of July).

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