• WTI oil reversed down from the resistance area
• Likely to fall to support level 63.20
WTI oil today reversed down from the resistance area lying between the key resistance level 66.35 (which has been reversing the price from the start of March – as can be seen from the daily WTI oil chart below) and the upper daily Bollinger Band. The downward reversal from this resistance area stopped the previous impulse wave 3 – which belongs to the intermediate upward impulse sequence (5) from the middle of March.
Given the strength of the aforementioned resistance area – WTI oil can be expected to correct down further toward the next support level 63.20 (low of the previous corrections (iv) and 2).