Categories: Technical analysis

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).

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

Gold Wave Analysis 19 September 2024

- Gold reversed from support level 2550.00 - Likely to rise to resistance level 2600.00…

45 mins ago

S&P 500 Wave Analysis 19 September 2024

- S&P 500 broke key resistance level 5670.00 - Likely to rise to resistance level…

45 mins ago

The Fed’s big rate and projections cut

The Fed cut the rate by 50 bps, This change was not fully factored into…

7 hours ago

Crypto market climbs out of the pit

The crypto market as a whole and Bitcoin hit three-week highs, but are still in…

13 hours ago

AUDCAD Wave Analysis 18 September 2024

- AUDCAD broke pivotal resistance level 0.9170 - Likely to rise to resistance level 0.9260…

1 day ago

WTI Wave Analysis 18 September 2024

- WTI reversed from round resistance level 70.00 - Likely to fall to support level…

1 day ago

This website uses cookies