WTI crude oil can be expected to rise to the next resistance level 91.25 (which reversed the price twice in June)..
- WTI crude oil broke key resistance level 85.00
- Likely to rise to resistance level 91.25
WTI crude oil recently broke the resistance zone set between the key resistance level 85.00 (former strong support from March and April, as can be seen from the daily WTI crude oil chart below) and the 61.8% Fibonacci correction of the downward impulse from the start of June. The breakout of this resistance zone accelerated the active intermediate impulse wave (3) from the start of July. This intermediate impulse wave (3) belongs to the longer-term impulse wave (B).
Given the strength of the active impulse wave (3), WTI crude oil can be expected to rise to the next resistance level 91.25 (which reversed the price twice in June).
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