Technical analysis

WTI Wave Analysis – 29 July, 2021

• WTI broke resistance zone

• Likely to rise to resistance level 75.00

WTI crude oil recently broke the resistance zone located between the resistance level 72.20 and the 61.8% Fibonacci correction of the earlier downward ABC correction 2.

The breakout of this resistance zone is aligned with the predominant uptrend that can be seen on the daily and the weekly WTI charts.

WTI crude oil can be expected to rise further toward the next resistance 75.00 (which stopped the previous waves 1 and (b) at the start of July).

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