WTI recently reversed up strongly from the support area lying between the support level 57.70 (low of the previous minor corrective wave (iv)), lower daily Bollinger Band and the 38.2% Fibonacci correction of the upward impulse from the end of January. The upward reversal from this support area started the active short term impulse wave (iii) – which belongs to the upward impulse waves 5 and (C). Given the improvement in risk sentiment seen across the commodities markets today – WTI is likely to rise further toward the next resistance level 65.00 (intersecting with the daily up channel from November).