Technical analysis

WTI Wave Analysis – 30 November, 2022

WTI Wave Analysis – 30 November, 2022

• WTI reversed from support level 76.30

• Likely to rise to resistance level 82.90

WTI crude oil earlier reversed up sharply from the major support level 76.30 (which stopped the previous wave (A) at the end of September).

The upward reversal from the support level 76.30 created the daily Japanese candlesticks reversal pattern Morning Star – with the central candle being the Long-legged Doji.

WTI crude oil can be expected to rise further toward the next resistance level 82.90 (target for the completion of the active correction 4).

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