• WTI crude oil reversed from resistance area
• Likely to rise to resistance level 74.0
WTI crude oil recently broke the resistance zone located between the round resistance level 69.50 (which has been reversing the price the start of August), resistance trendline of the daily down channel from July and the 50% Fibonacci correction of the earlier ABC correction 2 from the start of June. The breakout of this resistance area accelerated the active short-term impulse wave 3.
Given the prevailing uptrend that can be seen on the daily charts – WTI crude oil can be expected to rise further toward the next resistance level 74.0 (top of the previous Evening Star from the end of July). Strong support now stands at 69.50.