Categories: Technical analysis

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)).

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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