WTI crude oil can be expected to rise further toward the next resistance level 94.50 (which stopped the previous corrective wave b at the end of September).
- WTI crude oil reversed from support zone
- Likely to rise to resistance level 94.50
WTI crude oil recently reversed up from the support zone between the key support level 87.00 (which stopped the previous impulse wave 1 in the middle of August, as can be seen from the daily WTI crude oil chart below), support trendline of the daily up channel from July, lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from the start of July. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Hammer, which stopped the earlier ABC correction 4 – that belongs to the intermediate impulse wave (3) from the start of August.
Given the clear daily uptrend and the strongly bullish sentiment seen across the crude oil markets today on the renewed Houthi attacks on Saudi energy infrastructure, WTI crude oil can be expected to rise further toward the next resistance level 94.50 (which stopped the previous corrective wave b at the end of September).
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