WTI oil today reversed up from the support area located between the pivotal support level 58.00 (which has been steadily reversing WTI oil from the middle of February, as can be seen below), lower daily Bollinger Band and the 50% Fibonacci correction of the upward impulse from January. The upward reversal from support level 58.00 started the active minor impulse wave 3. Given the strength of the aforementioned support area and the prevailing daily uptrend – WTI oil can be expected to rise further in the active impulse wave 3 toward the next resistance level 62.00 (top of the previous impulse wave 1).