Technical analysis

WTI Wave Analysis 2 October, 2020

WTI Wave Analysis 2 October, 2020

• WTI approached strong support level 36.30

• Likely to fall to 34.50

WTI continues to fall inside the minor downward impulse wave (i), which belongs to the longer-term downward impulse sequence (C) from the end of August.

The price is currently trading near the strong support level 36.30 (which stopped the previous minor impulse wave (i) at the start of September).

If WTI breaks below the support level 36.30 – the price can then fall to the next support level 34.50 (low of wave B from June).

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