WTI Wave Analysis – 23 August, 2021

• WTI reversed from support zone

• Likely to rise to resistance level 69.20

WTI recently reversed up from the support zone set between the key support level 61.60 (previous monthly low from May), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impusle from November.

The upward reversal from this support zone stopped the pervious short-term impulse wave 3.

Given the strong uptrend, WTI can be expected to rise further toward the next resistance level 69.20 (top of wave 2 from the start of August).