• WTI crude oil broke the resistance level 77.1
• Likely to rise to resistance level 80.00
WTI crude oil recently broke the resistance level 77.1 (which stopped the previous minor impulse wave at end of December) intersecting with the 61.8% Fibonacci correction of the previous medium-term ABC correction (2) from the end of October. The breakout of this resistance level 77.1 accelerated the active intermediate impulse wave (3) from last month.
Given the strength of the active intermediate impulse wave (3) and the increased demand for oil on signs the omicron variant is fading in strength across the developed nations – WTI crude oil can be expected to rise further toward the next round resistance level 80.00.