WTI crude oil can be expected to rise further to the next resistance level 95.00 (target price for the completion of the active intermediate impulse wave (3)).
- WTI crude oil broke resistance zone
- Likely to rise to resistance level 95.00
WTI crude oil recently broke through the resistance zone set at the intersection of the resistance level 92.0 (which has been reversing the price from the start of June, as can be seen from the daily WTI crude oil chart below) and the 61.8% Fibonacci correction of the sharp downward impulse wave (C) from the end of April. The breakout of this resistance zone accelerated the active minor impulse wave C of the medium-term impulse wave (3) from the start of August.
Given the strongly bullish sentiment seen across the crude oil markets today, WTI crude oil can be expected to rise further to the next resistance level 95.00 (target price for the completion of the active intermediate impulse wave (3)).
The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.
The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.
