WTI: ⬇️ Sell
- WTI broke the long-term support zone
- Likely to fall to support level 55.00
WTI crude oil recently broke the long-term support zone set between the support levels 60.00 and 65.00. This support zone has stopped all downward corrections from the middle of 2021.
The breakout of this support zone accelerated the active downward impulse wave 3, which belongs to the intermediate impulse wave (3) from the start of 2024.
Given the strong downtrend seen on the weekly WTI charts, WTI crude oil can be expected to fall to the next support level 55.00, the target price for the completion of the active impulse wave (3).
