• WTI crude oil reversed from support zone
• Likely to rise to resistance level 80.00
WTI crude oil recently reversed up from the support area lying between the key support level 75.50 (former strong resistance form July, which has been revering the price from the end of September), lower daily Bollinger band and the 38.2% Fibonacci correction of the previous sharp upward impulse wave 1 from the middle of August . The upward reversal from this support zone stopped the previous minor corrective wave 2.
Given the clear daily uptrend, WTI crude oil can be expected to rise further toward the next round resistance level 80.00 (former support from the end of October).