WTI crude oil under the strong bearish pressure today after the price reversed down from the major resistance area lying between the multi month resistance level 76.30 (which stopped the sharp uptrend in July) and the upper daily Bollinger Band. The downward reversal from this from the resistance area stopped the previous minor impulse waves 3 and (iii). Given the strength of the aforementioned resistance area and the weakening expectations for oil demand growth in Europe – WTI crude oil can be expected to fall further toward the next support level 72.55 (which stopped the previous impulse wave (i))
