Technical analysis

WTI Wave Analysis – 7 September, 2020

WTI Wave Analysis – 7 September, 2020

• WTI approached strong support level 39,00

• Likely to fall to 36.60

WTI has been falling in the last few trading sessions after the earlier downward reversal from the resistance level 43.55 (low of the previous daily Morning Star from the end of February).

The price is currently trading close to the strong support level 39,00 (which also reversed the previous corrections (b) and (a) in July).

If WTI breaks below 39,00 – the price can then fall to the next support level 36.60. In the alternative scenario the price can retest the resistance level 43.55.

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