Technical analysis

WTI Wave Analysis – 09 August, 2019

WTI Wave Analysis – 09 August, 2019
  • WTI reversed from support zone
  • Further gains are likely

WTI recently reversed up sharply from the support zone lying between the multi-month support level 52.00 (which has been reversing the price from January) and the lower daily Bollinger Band.

This support zone was further strengthened by the 61.8% Fibonacci correction of the previous ABC correction (B) from December.

WTI is expected to rise further and retest the next resistance level 56.00 (former strong support from July).

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