Given the strength of the support level 55.20, WTI crude oil can be expected to rise in the active c-wave toward the next round resistance level 60.00.
- WTI crude oil reversed from support area
- Likely to rise to resistance level 60.00
WTI crude oil recently reversed up from the support area between the key support level 55.20 (previous monthly low from April, which stopped the previous impulse wave 3, as can be seen from the daily WTI crude oil chart below) and the lower daily Bollinger Band. The upward reversal from this support area stopped the previous impulse wave b – which belongs to the short-term ABC correction 4 from the start of April. This ABC correction is itself a part of the extended downward impulse sequence (C) from the start of this year.
Given the strength of the support level 55.20 an the clear bullish divergence on the daily Stochastic indicator, and the the bullish sentiment seen across the commodities markets today, WTI crude oil can be expected to rise in the active c-wave toward the next round resistance level 60.00.
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