WTI Wave Analysis 4 November 2024

– WTI reversed from long-term support level 66.75

– Likely to rise to resistance level 75.00

WTI crude oil recently reversed up from the long-term support level 66.75 (which has been reversing the price from the end of 2021), standing near the lower weekly Bollinger Band.

The upward reversal from the support level 66.75 continues the weekly upward impulse wave (3), which also started from the same support level in September.

Given the strength of the support level 66.75, WTI crude oil can be expected to rise to the next resistance level 75.00 (former strong resistance from October).