• WTI crude oil broke pivotal resistance level 73.75
• Likely to rise to resistance level 76.15
WTI crude oil continues to rise after breaking the pivotal resistance level 73.75 (top of wave (B) of the intermediate ABC correction from the start of July). The breakout of this resistance level accelerated the active impulse waves 3 and (3) – both of which are aligned with the predominant uptrend that can be seen on the daily and the weekly WTI charts.
Given the rising hopes for the global recovery and the resultant oil for demand, WTI crude oil can be expected to rise further toward the next resistance level 76.15 (which stopped the extended uptrend at the start of July and the target price for the completion of the active impulse waves 3 and (3)).