Categories: Technical analysis

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).

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.

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