WTI crude oil can be expected to rise further toward the next round resistance level 100.00 (which reversed the price in the middle of September).
- WTI crude oil broke resistance zone
- Likely to rise to resistance level 100.00
WTI crude oil recently broke the resistance zone between the resistance level 95.00 (which stopped the previous corrective wave b at the end of September, as can be seen from the daily WTI crude oil chart below) and the 50% Fibonacci correction of the downward ABC correction 2 from the middle of September. The breakout of this resistance zone completed the daily Japanese candlesticks pattern Three White Soldiers and accelerated the active minor impulse wave 3 – that belongs to the intermediate impulse wave (3) from the start of August.
Given the clear daily uptrend and the predominantly bullish sentiment seen across the crude oil markets on the persistent Middle East supply risks, WTI crude oil can be expected to rise further toward the next round resistance level 100.00 (which reversed the price in the middle of September).
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