crude oil woes

WTI Technical Analysis Report 19 August, 2021

• WTI broke support zone
• Likely to fall to support level 61.30

WTI recently broke the support zone located between the key support level 65.00 (which has been reversing the pair from the middle of July, stopping the previous impulse waves (1) and 1) and the 61.8% Fibonacci correction of the sharp upward impulse 5 from the middle of March. The breakout of this support zone accelerated the active minor impulse wave 3 of the intermediate downward impulse wave (3) from the end of July.

Given the strong concerns over the demand for oil on globally reported increase in delta hotspots, WTI can be expected to fall further toward the next support level 61.30 (previous support from April and the target price for the completion of the active minor impulse wave 3).

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