WTI recently reversed down from the resistance area lying between the pivotal resistance level 54.50 (which stopped the previous correction (4) in December), upper daily Bollinger Band and the 38.2% Fibonacci correction of the earlier downward impulse from October.
The downward reversal from this resistance area stopped the previous medium-term upward impulse wave (C) from the start of January.
Considering the overbought reading on the daily Stochastic indicator – WTI is likely to correct down further and re-test the next round support level 50.00 (low of wave (B)).
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