WTI Technical Analysis Report 1 April, 2024
WTI crude oil can be expected to rise further toward the next resistance level 86.00, target price for the completion of the active impulse wave iii, coinciding with the daily up channel from January.
– WTI broke key resistance level 82.60
– Likely to rise to resistance level 86.00
WTI crude oil rising strongly today after the price broke the key resistance level 82.60, which has been reversing the price from the start of November, former support from the end of October. The breakout of the resistance level 82.60 follows the earlier breakout of the 50% Fibonacci correction of the previous intermediate ABC correction (2) from the end of September. Both of these resistance breakouts accelerated the active impulse waves iii and 3.
Given the clear daily uptrend and the rising global concerns about oil supply, WTI crude oil can be expected to rise further toward the next resistance level 86.00, target price for the completion of the active impulse wave iii, coinciding with the daily up channel from January.
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