• WTI oil rising after the price broke above 50,00
• Likely to test next powerful resistance level 55,00
WTI oil continues to rise inside the upward impulse wave (iii) – which is a part of the upward impulse sequence C from the start of November. The impulse wave C belongs to the medium-term upward impulse (B) from April of 2020. The price earlier broke above the round resistance level 50,00 (former strong support from February of 2010, which reversed the previous minor impulse wave (iii) in the middle of December) – which added to the bullish pressure on WTI oil.
Given the expectation of increase demand due to mass vaccination – WTI is expected to continue to rise in the in the direction of the next powerful resistance level 55,00 (former high from February of 2020 which stopped the earlier upward correction (ii) with the daily Evening Star).