WTI Wave Analysis – 29 April, 2022

• WTI reversed from support level 95.00
• Likely to rise to resistance level 108.80

WTI crude oil recently reversed up from the key support level 95.00, which has been reversing the price from the end of February.

The support area near the support level 95.00 was strengthed by the lower daily Bollinger Band by the 50% Fibonacci correction of the upward impulse from December.

Given the clear daily uptrend – WTI crude oil can be expected to rise further toward the next resistance level 108.80 (top of the previous impulse wave 1).