Technical analysis

WTI Wave Analysis – 31 August, 2022

WTI Wave Analysis – 31 August, 2022

• WTI reversed from resistance level 95.00

• Likely to fall to support level 86.25

WTI crude oil recently reversed down with the Bearish Engulfing from the resistance level 95.00 (which has been reversing the pair from the start of August), intersecting with the upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from June.

The downward reversal from the resistance level 143.00 started the active short-term impulse wave 5.

WTI crude oil can be expected to fall further toward the next support level 86.25 (low of the previous impulse wave 3).

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