WTI Wave Analysis 24 March, 2021

• WTI reversed from support zone

• Likely to reach resistance level 63.10

WTI oil previously reversed up from the combined support zone lying at the intersection of the 50-day moving average, 50% Fibonacci correction of the upward impulse from January, the support level 58.80 (which reversed the pair 3 times from February) and the lower daily Bollinger Band.

The upward reversal from this support zone stopped the previous medium-term impulse wave (3).

WTI oil is likely to rise further toward the next resistance level 63.10 (former support from the start of March, which stopped impulse wave (1)).