WTI Technical Analysis 4 October, 2021

• GBPJPY broke key resistance level 76.15
• Likely to rise to resistance levels 80.00

WTI crude oil today broke sharply above the key resistance level 76.15 (which stopped the previous long-term upward impulse wave (1) at the start of August as can be seen from the daily WTI crude oil chart below). The breakout of the resistance level accelerated the active short-term impulse wave 3 from the start of September.

Given the predominant uptrend, WTI crude oil can be expected to rise further toward the next resistance level 80.00 (target price for the completion of the active impulse wave 3). Strong support now stands at the support level 76.15.

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