• WTI broke resistance level 53.95
• Likely to rise to resistance level 56.50
WTI continues to rise steadily after the price broke above the key resistance level 53.95 (low of the pervious waves (i) and (b) from the start of January). The breakout of this resistance level continues the active short-term impulse wave (iii) from the end of January. The price is currently moving inside the 3 progressively steeper up channels – indicating the strengthening of the bullish pressure on WTI.
Given the prevailing uptrend that can be seen on the daily charts – WTI can be expected to rise further toward the next resistance level 56.50. Strong support now stands at the aforementioned price level 53.95.