Crude oil

WTI oil Technical Analysis Report 14 May, 2021

• WTI oil reversed from support area
• Likely to rise to resistance level 66.00

WTI oil recently reversed up from the support area located between the key support level 63.15 (former low of wave (iv) from the end of April) an d the 38.2% Fibonacci correction level of the previous upward impulse from the end of March. The upward reversal from this support area stopped the previous minor ABC correction 2.

Given the predominant daily uptrend and the improved risk sentiment seen across the commodities markets today – WTI oil can be expected to rise further toward the next resistance level 66.00 (which stopped the previous waves B, 1 and (b) – as can be seen below).

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