WTI recently reversed up from the support area located between the key support level 19.45 (which stopped the previous sharp daily downtrend at the end of March) and the lower daily Bollinger Band. The upward reversal from this support area started the active short-term corrective wave (iv). Given the oversold reading on the daily Stochastic indicator – WTI is likely to extend the gains toward the next resistance level 24.25 (former support from the start of April, which stopped earlier impulse wave (i)). Strong support remains at the support level 19.45.