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WTI Technical Analysis Report 03 November, 2020

  • WTI under bullish pressure
  • Likely to rise to 12355.00

WTI under bullish pressure today as the result of the earlier upward reversal with the daily Morning Star from the support area lying at the intersection of the key support level 35.00 (which helped form the monthly low in September), lower daily Bollinger Band and the 38.2% Fibonacci retracement of the earlier sharp upward impulse wave from May. The upward reversal from this support area started the active short-term corrective wave 2 – which belongs to wave (3) from last month.

Given the rising risk-on sentiment on the expectation of Biden’s victory in the U.S elections – WTI is expected to continue to rise toward the next resistance level 41.40 (top of the previous medium-term correction and the forecast price for the completion of the active correction 2).


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