WTI Wave Analysis – 9 May 2025

WTI: ⬆️ Buy

– WTI reversed from support area

– Likely to rise to resistance level 62.00

WTI crude oil recently reversed up from the strong support area between the support level 54.90 (which stopped wave 3 at the start of April) and the lower daily Bollinger Band.

The upward reversal from this support area stopped the previous impulse waves 5 and (3).

WTI crude oil can be expected to rise to the next resistance level 62.00 (former minor support from the middle of April).