WTI crude oil can be expected to rise further toward the next round resistance level 76.00 (which stopped the earlier short term correction iv in August).
– WTI broke resistance zone
– Likely to rise to resistance level 76.00
WTI crude oil recently broke the resistance zone located at the intersection of the key resistance level 72.00 (which stopped wave 1 in September, as you can see from the daily WTI chart below), 38.2% Fibonacci correction of the downward impulse from July and the resistance trendline of the daily down channel from the start of July. The breakout of this resistance zone accelerated the active short-term impulse wave 3, which is a part of the higher order impulse wave (3) from the start of September.
Given the strongly bullish crude oil sentiment seen across the commodities markets today, WTI crude oil can be expected to rise further toward the next round resistance level 76.00 (which stopped the earlier short term correction iv in August).
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