LeoPrime Daily Market Analysis

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WTI crude oil reversed from support area; Likely to rise to resistance level 69.45

WTI crude oil continues to rise after the price reversed up with the daily candlesticks reversal pattern Bullish Engulfing from the support area located between the key support level 62,00 (which has been reversing the price from April), lower daily Bollinger Band and the 50% Fibonacci correction of the sharp upward price impulse from January. Given the resumption of the overriding daily uptrend WTI crude oil can be expected to rise further toward the next resistance level 69.45 (target for the completion of the active short-term impulse wave (i)).

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