Technical analysis

WTI Wave Analysis – 31 December , 2018

WTI Wave Analysis – 31 December , 2018
  • WTI reversed from support area
  • Further gains are likely

WTI continues to rise after the earlier upward reversal from the support area lying between the long-term support level 42.50 (which has been reversing the price from the end of October) and the lower weekly Bollinger Band.

The previous upward reversal from this support area created the weekly Japanese candlesticks reversal pattern Hammer Doji.

Given the oversold reading on the weekly Stochastic indicator – WTI is expected to rise further and re-test the next round resistance level 50.00 (former support from November).

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