WTI Wave Analysis 7 May, 2021

• WTI reversed from resistance zone

• Likely to fall to support level 62.90

WTI crude oil recently reversed down sharply from the resistance zone located between the resistance level 66.00 (top of wave (B) from April) and the upper daily Bollinger Band.

The downward reversal form this resistance zone started the active short-term corrective wave (ii).

WTI crude oil is likely to fall further toward the next support level 62.90 (target price for the completion of the active corrective wave (ii)).