• WTI crude oil broke resistance zone
• Likely to rise to resistance level 73.75
WTI crude oil recently broke the resistance zone lying between the key round resistance level 70.00 (which has been reversing the price from the start of August), resistance trendline from the start of July and the 50% Fibonacci correction of the earlier sharp downward correction 2 from July. The breakout of this resistance zone continues the active upward impulse wave 3, which belongs to the impulse wave (3) from the middle of March.
Given the predominant uptrend that can be seen on the daily WTI crude oil charts – the price can be expected to rise further toward the next resistance level 73.75 (top of the daily Evening Star from the end of July).
