WTI Wave Analysis 7 October 2024

– WTI under strong bullish pressure

– Likely to rise to resistance level 78.3

WTI crude oil under the strong bullish pressure after the price broke the resistance level 71.30 (former strong support from August) intersecting with the resistance trendline of the daily down channel from July.

The breakout pf the resistance level 71.30 accelerated the active short-term impulse wave 3.

Given the fact that the price is currently rising inside two impulse waves 3 and (3), WTI crude oil can be expected to fall rise further to the next resistance level 78.3, target for the completion of wave 3.