Given the reversal of the risk-off sentiment see across the global crude oil markets, the strength of the aforementioned resistance area and the overbought daily Stochastic and RSI indicators, WTI Crude Oil can be expected to fall to the next support level 90.00 (which is also the target price for the completion of the active downward correction.
- WTI Crude Oil reversed from resistance area
- Likely to fall to support level 90.00
WTI Crude Oil recently reversed down from the resistance area between the resistance levels 110.00 and 100.00 – standing far above the upper daily and weekly Bollinger Bands. The downward reversal from these resistance levels stopped the earlier sharp upward impulse waves 5 and (C). The downward reversal from this from the resistance area it currently forming the large daily and weekly Japanese candlesticks reversal patterns – Shooting Star – strong sell signals for WTI Crude Oil.
Given the reversal of the risk-off sentiment see across the global crude oil markets, the strength of the aforementioned resistance area and the overbought daily Stochastic and RSI indicators, WTI Crude Oil can be expected to fall to the next support level 90.00 (which is also the target price for the completion of the active downward correction.
WTI Crude Oil Technical Analysis
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