Categories: Technical analysis

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).

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

ADP hints at another strong NFP on Friday  

The monthly ADP labour market report showed that America created 192K new jobs in April, above…

10 hours ago

Fed’s hawkish tone risks sinking S&P500 to 4700

Bears showed strength ahead of the FOMC decision.  U.S. indices sagged on Tuesday as investors…

14 hours ago

A new stage of Bitcoin’s decline

Market Picture  Bitcoin's closing price on Tuesday became the lowest since late February, confirming the…

17 hours ago

Ebay Wave Analysis 30 April 2024

- Ebay under the bearish pressure - Likely to fall to support level 51.00 Ebay…

1 day ago

GBPAUD Wave Analysis 30 April 2024

- GBPAUD reversed from key support level 1.9135 - Likely to rise to resistance level…

1 day ago

Silver: a possible long road down

Silver has lost 2.6% since the start of the day on Tuesday to $26.4 per…

1 day ago

This website uses cookies