• WTI oil broke above resistance level 63.45
• Likely to reach resistance level 66.70
WTI oil recently rose sharply breaking above the resistance level 63.45 (previous upward target, which stopped the previous impulse wave (i) with the daily candlesticks reversal pattern Evening Star Doji at the end of February). The breakout of the resistance level 63.45 accelerated the active minor impulse wave (iii) which started earlier from the support zone lying at the intersection of the round support level 60.00 and the upper trendline of the recently broken up channel from December.
Given the prevailing multi month uptrend and the latest decision by OPEC+ to keep the oil production cuts in place – WTI oil is likely to rise further toward the next resistance level 66.70 (former multi-month high from 2019 ).