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WTI Technical Analysis Report 11 March, 2021

• WTI reversed from support area
• Likely to reach resistance level 68.00

WTI oil continues to rise after the price reversed up from the support area lying between the pivotal support level 63.45 (former resistance from the end of February – which stopped the previous sharp upward impulse wave 1) and the 50% Fibonacci correction of the upward impulse 3 from the start of March. The upward reversal from this support area stopped the previous short-term correction 4.

Given the clear daily uptrend and the expectations of the continued increase in oil demand with more countries planning to ease lockdown restrictions in the coming months – WTI oil is likely to rise toward the next resistance level 68.00 (top of the previous sharp upward impulse wave 3).

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