Technical analysis

WTI oil Wave Analysis 17 May, 2021

• WTI oil reversed from support level 63.25

• Likely to rise to resistance level 66.80

WTI oil recently reversed up from the key support level 63.25 (former resistance from April), intersecting with the 38.2% Fibonacci correction of the upward price impulse from March.

The upward reversal from the support level 63.25 stopped the previous short-term ABC correction 2.

Given the persistent multi-month uptrend – WTI oil is likely to rise further toward the next resistance level 66.80 (top of the previous waves 1 and (b)).

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