Technical analysis

WTI Wave Analysis – 23 February 2023

• WTI reversed from support level 74.00

• Likely to rise to resistance level 80.00

WTI crude oil recently reversed up from the pivotal support level 74.00 (which has been reversing the price from the end of November).

The support level 74.00 was further strengthened by the lower daily Bollinger Band.

WTI crude oil can be expected to rise further toward the next round resistance level 80.00 (which stopped the previous short-term correction (ii)).

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