Technical analysis

WTIUSD Wave Analysis 21 May, 2021

• WTIUSD reversed from support level 62.00

• Likely to rise to resistance level 66.80

WTIUSD recently reversed up from the support level 62.00 (former resistance from March) – intersecting with the 50% Fibonacci correction of the upward impulse from March and the lower daily Bollinger Band.

The upward reversal from the support level 62.00 started the active impulse wave (iii) of the impulse wave 3 from April.

WTIUSD is likely to rise further toward the next resistance level 66.80 (top of the previous waves iii, (b) and v).

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