• WTI crude oil reversed from support zone
• Likely to test resistance level 70.00
WTI crude oil recently reversed up from the support zone lying between the long-term support level 63.00 (which has been reversing the price from April, as can be seen from the daily WTI chart below) and the lower daily Bollinger band. The upward reversal from this support zone created the daily Hammer, which stopped the previous medium-term ABC correction (4) from the end of October.
Given the strength of the aforementioned support zone and the heavily oversold daily Momentum, WTI crude oil can be expected to rise further toward the next round resistance level 70.00 (former support from the end of September).