Technical analysis

WTI Wave Analysis – 9 August, 2022

WTI Wave Analysis – 9 August, 2022

• WTI reversed from support level 88.00

• Likely to rise to resistance level 92.30

WTI crude oil recently reversed up from the key support level 88.00 (low of the previous wave 3, which has been reversing the price from the start of February) intersecting with the lower daily Bollinger Band.

The upward reversal from the support level 88.00 created the daily Japanese candlesticks reversal pattern Morning Star Doji.

Given the clear daily uptrend, WTI crude oil can be expected to rise toward the next resistance level 92.30.

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