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WTI crude oil Wave Analysis

  • WTI crude oil reversed from key support level 68.00
  • Likely to rise to resistance level 72.80

WTI crude oil recently reversed up from the key support level 68.00 (which has been reversing the price from the start of May) , coinciding with the lower daily Bollinger Band.

The upward reversal from the support level 68.00 created the daily Japanese candlesticks reversal pattern Hammer.

Given the strength of the support level 68.00, WTI crude oil can be expected to rise further toward the next resistance level 72.80 (top of the previous correction 2).

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