Technical analysis

WTI Wave Analysis – 9 October, 2019

WTI Wave Analysis – 9 October, 2019
  • WTI reversed from support area
  • Likely to rise to 56.00

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

This support area was further strengthened by the 61.8% Fibonacci correction of the pervious upward impulse from December.

WTI is expected to rise further and retest the next resistance level 56.00. Strong support remains at the support level 52.00.

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