Given the worsening of global risk sentiment, WTI crude oil can be expected to rise further toward the next resistance 82.00
– WTI crude oil broke the key resistance level 79.60
– Likely to rise to resistance 82.00
WTI crude oil is under the bullish pressure after the price broke the key resistance level 79.60, which has been repeatedly reversing the price from last November. The breakout of the resistance level 79.60 follows the earlier breakout of the 50% Fibonacci correction of the previous sharp downward impulse wave C from last October. The breakout of the resistance level 79.60 accelerated the impulse wave iii of the higher order impulse waves 3 and (3).
Given the worsening of global risk sentiment, WTI crude oil can be expected to rise further toward the next resistance 82.00 (former strong support from last October, acting as the resistance after it was broken last year).
