Technical analysis

WTI Wave Analysis – 21 July, 2021

• WTI reversed from support zone
• Likely to rise to resistance level 72.00

WTI recently reversed up from the support zone lying between the key support level 66.20 (former resistance from May), support trendline from April, lower daily Bollinger band and the 61.8% Fibonacci correction of the upward impulse from May.

The upward reversal from this support zone stopped the earlier short-term ABC correction 2 from the start of July.

Given the prevailing uptrend – WTI can be expected to rise toward the next round resistance level 72.00.

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