Technical analysis

WTI Wave Analysis – 8 July, 2022

WTI Wave Analysis – 8 July, 2022

• WTI reversed from key support level 95.00

• Likely to rise to resistance level 105.00

WTI crude oil recently reversed up from the key support level 95.00 (which has been reversing the pair from the start of March), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from December.

The upward reversal from the support level 95.00 formed the daily Bullish Engulfing, which started the active impulse wave (3).

Given the clear uptrend, WTI crude oil can be expected to rise further toward the next resistance level 105.00.

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