WTI crude oil can be expected to rise further to the next resistance level 105.00 – which has been reversing the price from the start of April.
- WTI crude oil broke round resistance level 100.00
- Likely to rise to resistance level 105.00
WTI crude oil recently broke the resistance zone set at the intersection of the round resistance level 100.00 and the resistance trendline of the daily up channel from the start of July, as can be seen from the daily WTI crude oil chart below. The breakout of this resistance zone accelerated the active minor impulse wave 3 of the intermediate impulse wave (3) from the start of August. The active impulse wave (3) belongs to the primary upward impulse wave (C) from the start of July.
Given the multi-month uptrend, and the bullish sentiment that can be seen across the crude oil markets today on multiple logistics blockages across the globe, WTI crude oil can be expected to rise further to the next resistance level 105.00 – which has been reversing the price from the start of April.