WTI Technical Analysis Report 11 November, 2020

  • WTI reached buy target 41.40
  • Likely to rise to 43.95 and 48.30

WTI continues to rise strongly after the price broke sharply above the resistance level 41.40 (which was set as the likely buy target in our previous forecast for this instrument). The breakout of the resistance level 41.40 coincided with the breakout of the resistance trendline of the daily down channel from the end of August – which accelerated the active minor impulse wave C – which belongs to the medium-term ABC correction (2) from the start of October.

Given the markets entering the risk-on mode on the expectation on the expansion of oil demand on sooner than expected mass vaccination being planned in Europe – WTI oil is expected to rise further toward the next resistance level 43.95 (monthly high from August) – the breakout of which will open the way for further gains toward 48.30 (monthly high from March).

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