Crude oil

WTI crude oil Technical Analysis Report 29 July, 2021

• WTI crude oil broke resistance area
• Likely to rise to resistance level 75,00

WTI crude oil continues to rise inside the minor upward impulse wave 3, which previously broke the resistance area located between the key resistance level 72,00 (former support from the end of June) and the resistance trendline of the daily down channel from the start of July. The breakout of this resistance area should accelerate the active impulse waves 3 and (3).

Given the continuation of the multi-month uptrend and the reports that the herd immunity is building across the Eurozone and the resultant increased expectations for demand for oil, WTI crude oil can be expected to rise further toward the next resistance level 75,00 (top of the previous bearish engulfing from the start of July).


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