Categories: Technical analysis

WTI Wave Analysis 4 July 2024

– WTI broke resistance level 81.10

– Likely to rise to resistance level 86.00

WTI crude oil recently broke the resistance level 81.10 (former top of the minor correction (b) from the end of May).

The breakout of the resistance level 81.10 coincided with the breakout of the 61.8% Fibonacci correction of the previous sharp ABC correction 2 from the start of April.

WTI crude oil can be expected to rise further toward the next resistance level 86.00, former strong resistance from April and the target price for the completion of the active impulse wave (iii).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

Share
Published by
The FxPro Tech Analysis Team
Tags: wti

Recent Posts

China-US trade wars undermine Eurozone manufacturing

Industry in the Eurozone is under pressure. Germany's industrial production index plunged 2.5% in May.…

2 days ago

NFP Comment: no more upside surprises

The US economy created 206k new jobs in June, slightly better than average expectations. However,…

2 days ago

GBPUSD Wave Analysis 5 July 2024

- GBPUSD rising inside wave 2 - Likely to rise to resistance level 1.2850 GBPUSD…

2 days ago

USDCAD Wave Analysis 5 July 2024

- USDCAD reversed from powerful support level 1.3620 - Likely to rise to resistance level…

2 days ago

The pound is about to change its course

2024 has every chance of being the biggest election year, with well over half of…

2 days ago

Terrifying Crypto sell-off

Market picture The crypto market cap has fallen back below $2 trillion, accelerating its decline…

2 days ago

This website uses cookies