Crude oil

WTI Technical Analysis Report 29 April, 2021

• WTI broke resistance area
• Likely to rise to resistance level 67.5

WTI continues to rise steadily after the price broke through the resistance area lying between the key resistance level 64.00 (top of the previous impulse wave (1)) and the 61.8% Fibonacci correction of the previous sharp downward ABC correction from the start of March. The breakout of this resistance area accelerated the active medium-term upward impulse wave (3).

Given the persistent uptrend and the latest remarks by Goldman Sachs that the oil demand will soon explode to the renewal of the travel – WTI can be expected to rise further toward the next resistance level 67.5 (top of the previous upward impulse wave (5) from the start of March).

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