HomeContributorsTechnical AnalysisWTI Crude Oil Wave Analysis

WTI Crude Oil Wave Analysis

  • WTI reversed from resistance level 80.80
  • Likely to fall to support level 74.00

WTI crude oil recently reversed down from the resistance level 80.80 (upper border of the sideways price range inside which the price has been moving from November) – coinciding with the upper daily Bollinger Band.

The downward reversal from the resistance level 80.80 created the daily Japanese candlesticks reversal pattern Evening Star.

Given the strong daily downtrend, WTI crude oil can be expected to fall further to the next support level 74.00 (which has been reversing the price from December).

FxPro
FxProhttp://www.fxpro.co.uk/?ib=606792
FxPro is an award-winning online broker offering Contracts for Difference (CFDs) on forex, futures, spot indices, shares, spot metals and spot energies. FxPro serves clients in over 150 countries worldwide and offers multilingual customer support 24/5. Trading CFDs involves significant risk of loss.

Featured Analysis

Learn Forex Trading