Technical analysis

WTI Wave Analysis – 9 November, 2022

WTI Wave Analysis – 9 November, 2022

• WTI reversed from resistance 92.25

• Likely to fall to support level 82.90

WTI crude oil recently reversed down from the pivotal resistance 92.25 (previous monthly high and top of wave A from October) – intersecting with the upper daily Bollinger Band and the 38.2% Fibonacci correction of the downward impulse from June.

The downward reversal from the resistance 92.25 started the active short-term correction (iv) – which belongs to the higher order impulse wave C from October.

WTI crude oil can be expected to fall further toward the next support level 82.90 (low of the previous wave B and the target for the end of the active correction (iv)).

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