WTI crude oil Technical Analysis 9 November, 2021

• WTI crude oil reversed from support area
• Likely to rise to resistance level 85.00

WTI crude oil continues to rise after the price reversed up with the daily candlesticks reversal pattern Morning Star from the support area located between the key round support level 80.00 (former resistance from the start of October), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward price impulse from the middle of September, as can be seen below. The upward reversal from this support area started the active short-term impulse wave 5, which belongs to the higher order impulse wave (3) from the end of August.

Given the clear daily uptrend, WTI crude oil can be expected to rise further toward the next resistance level 85.00 (top of the previous impulse wave which stopped in October).

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