• WTI crude oil reversed from support area
• Likely to rise to resistance level 70.00
WTI crude oil earlier reversed up from the support area lying between the pivotal support level 65.00 (former monthly low and the low of the daily Morning Star from last month), lower daily Bollinger band, 100-day moving average and the 61.8% Fibonacci correction of the extended upward impulse from last March. The upward reversal from this support area created the daily candlesticks reversal pattern Hammer.
Given the strong uptrend that can be seen on the daily charts – WTI crude oil can be expected to rise further toward the next resistance level 70.00 (previous minor reversal high from the start of August).
