WTI crude oil can be expected to rise to the next resistance level 85.00 (former strong support from May).
- WTI crude oil broke resistance area
- Likely to rise to resistance level 85.00
WTI crude oil recently broke the resistance area located between the key resistance level 78.10 (which stopped the previous short-term correction 4 in the middle of June, as can be seen from the daily WTI crude oil chart below), resistance trendline of the daily down channel from May and the 38.2% Fibonacci correction of the downward impulse from the start of June. The breakout of this resistance area accelerated the active minor impulse wave 1 of the intermediate impulse wave (1) from the start of July.
Given the strength of the active intermediate impulse wave (1), WTI crude oil can be expected to rise to the next resistance level 85.00 (former strong support from May and June).