Given the strength of the aforementioned support zone, oversold daily Stochastic and the increased risk-off sentiment across the global energy markets, WTI crude oil can be expected to rise to the next resistance level 95.00.
- WTI crude oil reversed from support zone
- Likely to rise to resistance level 95.00
WTI crude oil recently reversed up from the support zone between the strong round support level 80.00 (which also reversed the price sharply at the start of March as can be seen from the daily WTI crude oil chart below) , lower daily Bollinger Band and the 61.8% Fibonacci correction of the previous sharp upward impulse wave (5) from the middle of February. The upward reversal from this support zone stopped the previous minor impulse wave of the intermediate impulse wave (C) from the start of April.
Given the strength of the aforementioned support zone, oversold daily Stochastic and the increased risk-off sentiment across the global energy markets due to uncertainty regarding the outcome of the upcoming Iran-USA negotiations, WTI crude oil can be expected to rise to the next resistance level 95.00.
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