Crude oil

WTI crude oil Technical Analysis 27 August, 2021

• WTI crude oil broke daily down channel
• Likely to rise resistance level 70.00

WTI crude oil continues to rise inside the minor correction 2, which started earlier from the support area located between the long-term support level 61.30 (which has been reversing the price from the middle of April, as can be seen from the daily WTI crude oil chart below), lower daily Bollinger Band, 200-day moving average and the support trendline of the recently broken daily down channel from last month.

Given the prevailing uptrend – WTI crude oil can be expected to rise further toward the next round resistance level 70.00 (which has been reversing the price from the start of April, target price for the completion of the active wave 2).

Was this post helpful?