Technical analysis

WTI Wave Analysis – 7 October, 2022

WTI Wave Analysis – 7 October, 2022

• WTI broke resistance level 88.90

• Likely to rise to resistance level 95.00

WTI crude oil previously broke the resistance level 88.90 (former top of the minor correction (iv) from the start of September).

The breakout of the resistance level 88.90 was preceded by the breakout of the resistance trendline from June and the 50% Fibonacci retracement of the earlier downward impulse from August.

WTI crude oil can be expected to rise further toward the next resistance level 95.00 (target price for the completion of the active impulse wave 3).

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