US oil

WTI crude oil Technical Analysis 30 September, 2021

• WTI reversed from resistance zone
• Likely to fall to support level 72.50

WTI crude oil continues to fall after the price reversed down with the daily Bearish Engulfing candlesticks reversal pattern from the resistance zone located between the multi-month resistance level 76.15 (which stopped the sharp uptrend in July) and the upper daily Bollinger Band. The downward reversal from this resistance zone stopped the previous short-term impulse wave 3.

Given the strength of the aforementioned resistance zone and global deterioration in risk sentiment, WTI crude oil can be expected to fall further toward the next support level 72.50 (previous reversal high from the middle of September).

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