WTI recently broke above the key resistance level 67.83 – which stopped the sharp uptrend in March. The breakout of the resistance level 67.83 continues the active short-term impulse wave (iii) – which belongs to the sharp upward impulse wave C from April. Given the strong daily uptrend and concerns about Iranian oil supplies – WTI can be expected to rise further toward the next resistance level 70.00 (likely price for the completion of the active short-term impulse wave (iii)) from where the price is likely to correct down.