WTI crude oil can be expected to rise further toward the next resistance level 76.00.
– WTI crude oil reversed from powerful support area
– Likely to rise to resistance level 76.00
WTI crude oil recently reversed up from the powerful support area located between the multi-month support level 72.50 (which has been reversing the price from the start of February, as can be seen from the daily WTI crude oil chart below) and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous minor correction ii, which belongs to the impulse wave 3 of the intermediate impulse wave (3) from the end of last year.
Given the strength of the aforementioned support area and the improvements in sentiment that can be seen across the crude oil markets today, WTI crude oil can be expected to rise further toward the next resistance level 76.00.
– Advertisement –
The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.
