Crude oil

WTI Technical Analysis Report 21 July, 2021

• 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 .

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