LeoPrime Daily Market Analysis

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WTI reversed from 50.00 support zone; Likely to rise to 53.00

WTI recently reversed up with the daily Morning Star from the support zone lying between the round support level 50.00 (multi-month low from August), support level 51.00 (multi-month low from October) and the lower daily Bollinger Band. The upward reversal from this support zone stopped the previous short-term impulse wave 3. Given the strength of the aforementioned support area – WTI is likely to extend the gains toward the next resistance level 53.00 (which reversed the price at the end of January).

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