WTI crude oil can be expected to fall to the next support level 70.00 (target price for the completion of the active intermediate impulse wave (C)).
- WTI crude oil broke key support level 80.00
- Likely to fall to support level 70.00
WTI crude oil recently broke the support zone between the key support level 80.00 (former low of the strong wave (A) from the middle of April, as can be seen from the daily WTI crude oil chart below) and the 50% Fibonacci correction of the sharp upward impulse from January. The breakout of this support zone accelerated the active short-term impulse wave 3 – which belongs to the intermediate impulse wave (C) from the end of April. The active intermediate impulse wave (C) is itself a part of the primary ABC correction 2 from March.
Given the improved risk sentiment as seen across the global energy markets , WTI crude oil can be expected to fall to the next support level 70.00 (target price for the completion of the active intermediate impulse wave (C)).