Technical analysis

WTI Wave Analysis 19 January, 2021

WTI Wave Analysis 19 January, 2021

• WTI rising inside minor impulse wave (iii)

• Likely to test resistance level 55,00

WTI oil recently reversed up from the 38,2% Fibonacci correction level of the previous sharp upward impulse wave (i) from the start of January.

The upward reversal from this Fibonacci correction level started the active minor impulse wave (iii) – which belongs to the higher order impulse waves 5 and (C).

WTI is expected to rise further toward the next key resistance level 55,00 (former top of wave 2 from February of last year) .

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