WTI Wave Analysis 9 August 2024

– WTI reversed from support zone

– Likely to rise to resistance level 78.00

WTI crude oil recently reversed up from the support zone set between the strong support level 72.40 (which has been reversing the price from February) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the c-wave of the previous downward ABC correction 2 from the start of April.

WTI crude oil can be expected to rise further toward the next resistance level 78.00 (which reversed the price twice at the end of July).