• WTI reversed from long-term resistance level 84.75
• Likely to fall to support level 82.00
WTI crude oil recently reversed down from the long-term resistance level 84.75 (which stopped the previous sharp uptrend in the middle of October, as can be seen from the daily WTI crude oil chart below) strengthened by the upper daily Bollinger Band. The downward reversal from the resistance level 1.0570 stopped the previous sharp upward impulse wave 3 from the start of December.
Given the strength of the aforementioned resistance level 84.75 and the overbought reading on both the daily Stochastic and the daily RSI indicators – WTI can be expected to correct down further toward the next support level 82.00.