Technical analysis

WTI Wave Analysis – 9 July, 20211

• WTI reversed from support zone
• Likely to rise to resistance level 75.90

WTI crude oil recently reversed up from the support zone near the round support level 70.00 (which stopped the previous minor correction (ii) at the start of June).

The support zone near the support level 70.00 was strengthened by the lower daily Bollinger band and by the 50% Fibonacci retracement of the sharp upward impulse from May.

WTI crude oil can be expected to rise further toward the next resistance level 75.90 (top of the previous minor impulse wave (i) from the start of July).

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