• WTI crude oil reversed from support zone
• Likely to rise to resistance level 75.
WTI crude oil recently reversed up from the combined support zone lying at the intersection of the round support level 70.00 (which has been reversing the price from the start of September), lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward price impulse (3) from the middle of August. This support zone was further strengthened by the support trendline of the daily down channel from the start of November.
Given the clear daily uptrend and the improvement of the risks sentiment globally, WTI crude oil can be expected to rise further toward the resistance level 75.00 (low of the previous daily Morning Star from the end of November).