WTI Wave Analysis 29 January 2024

– WTI crude oil reversed from resistance level 79.15

– Likely to fall to support level 75.00

WTI crude oil recently reversed down from the key resistance level 79.15, which has been reversing the price from November, as can be seen below.

The resistance level 79.15 was strengthened by the upper daily Bollinger Band and by the 38.2% Fibonacci correction of the downward impulse from September.

Given the overbought daily Stochastic, WTI crude oil can be expected to fall further to the next support level 75.00 (former top of wave i from the start of this month).