Given the strong downtrend, WTI crude oil can be expected to fall further to the next support level 54.00, which is the target price for the completion of the active impulse wave (C).
- WTI broke support area
- Likely to fall to support level 54.00
WTI crude oil recently broke the support area located between the round support level 60.00 and the two support trendlines of the daily down channels from January and April of last year, as can be seen from the daily WTI chart below. The breakout of this support area accelerated the active minor impulse wave 3, which belongs to the sharp downward impulse wave (C) from the middle of January. The short-term down channel that was broken shows the downward accelerated pattern – which signals the strengthening of the bearish pressure on WTI crude oil in the last few trading sessions.
Given the strong downtrend that can be seen on the daily WTI crude oil charts, the price can be expected to fall further to the next support level 54.00, which is the target price for the completion of the active impulse wave (C).
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