LeoPrime Daily Market Analysis

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WTI reversed from key support level 20.00; Likely to rise to 30.00

WTI recently reversed up from the support area lying between the key support level 20.00, mentioned in our previous forecasts for this instrument (this level stopped the previous impulse wave 3) standing near the lower daily Bollinger Band. The upward reversal from the support level 20.00 started the (c)-wave of the active ABC correction 4. WTI is likely to extend the gains inside the active short-term impulse wave (c) toward the next strong resistance level 30.00 (top of the previous wave (a) and the target for the completion of the active impulse wave (c)). If the bearish pressure resumes – WTI is likely to retest the next powerful support level 20.00.

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