Technical analysis

WTI Wave Analysis – 9 June 2023

– WTI reversed from resistance level 73.45

– Likely to fall to support level 68.00

WTI crude oil recently reversed down from the resistance level 73.45 (which has been steadily reversing the price from the start of May).

The resistance level 73.45 was strengthened by the intersecting 50% Fibonacci correction of the earlier sharp downward impulse wave 1 from the start of April.

WTI crude oil can be expected to fall further toward the next support level 68.00 (low of the Bullish Engulfing from the end of May).

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