Crude oil

WTI crude oil Technical Analysis Report 1 July, 2021

• WTI crude oil broke through major resistance level 73.80
• Likely to rise to resistance level 77.50

WTI crude oil continues to rise after the price broke through the major resistance level 73.80 (which reversed the price 3 times at the end of June – as can be seen from the daily WTI chart below). The breakout of the resistance level 73.80 accelerated the active impulse waves 3 and (iii) – which belong to wave (3) from the middle of March.

Given the sharp daily uptrend – WTI crude oil can then be expected to rise further toward the next resistance level 77.50 (target for the completion of the active impulse wave 3) – from where the price is lily to correct down – due to the overbought reading on the daily Stochastic indicator.

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