WTI Wave Analysis

• WTI reversed from key support level 93.50
• Likely to rise to resistance level 105.00

WTI crude oil today reversed up sharply from the key support level 93.50 (which formed the daily Mornign Star in March) – standing near the 38.2% Fibonacci correction of the upward price impulse from December.

The upward reversal from the support level 93.50 stopped the previous ABC correction (2).

Given the multi-month uptrend – WTI crude oil can be expected to rise further toward the next resistance level 105.00 (top of the previous wave (ii)).