• WTI reversed from support area
• Likely to rise to resistance level 71.70
WTI crude oil recently reversed up from the support area lying between the key support level 65.65 (former resistance from May), 100-day moving average,61.8% Fibonacci correction of the upward impulse from May and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous short-term correction 2 – which belongs to the extended upward impulse wave (3) from the middle of March.
Given the strong uptrend – WTI crude oil can be expected to rise further toward the next resistance level 71.70 (former support from the start of July). Strong support remains at the support level 65.65 .
