WTI Wave Analysis 3 June 2024

– WTI broke key support level 76.70

– Likely to fall to support level 72.00

WTI crude oil recently broke the key support level 76.70 (which has been steadily reversing the price from the middle of February).

The breakout of the support level 76.70 coincided with the breakout of the 61.8% Fibonacci correction of the previous upward from the start of February.

WTI crude oil can be expected to fall further to the next support level 72.00 (which stopped the previous minor correction ii in February).