WTI crude oil Technical Analysis Report 9 February, 2024
WTI crude oil under the bullish pressure after the price reversed up from the major, multi month support level 70.00.
– WTI crude oil rising strongly
– Likely to test the resistance level 78.70
WTI crude oil under the bullish pressure after the price reversed up from the major, multi month support level 70.00, which has been steadily reversing the price from the start of last year, as can be seen from the weekly 2023 chart below. The support level 70.00 was further strengthened by the lower weekly and the daily Bollinger Bands as well by the 50% Fibonacci correction of the sharp upward impulse from the middle of 2020. The upward reversal from the support level 70.00 started the active weekly impulse wave (3).
Given the strength of the nearby support level 70.00 and the growing risk-on sentiment as seen across the commodities markets today – WTI crude oil can be expected to rise further toward the next resistance level 78.70 (which reversed the price at the end of last year as well at the start of 2024).
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