Technical analysis

WTI Wave Analysis 6 April, 2021

WTI Wave Analysis 6 April, 2021

• WTI reversed from support level 57.66

• Likely to reach resistance level 62.00

WTI recently reversed up from the key support level 57.66 (which has been reversing the price from the end of February) – strengthened by 50-day moving average and by the 61.8% Fibonacci correction of the upward impulse from January.

The upward reversal from the support level 57.66 started the active minor impulse wave (c).

WTI is likely to rise further toward the next resistance level 62.00 (top of the previous correction (a) from the end of last month).

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