WTI crude oil recently reversed up from the support area located between the key support level 105.000, 20-day moving average and the 61.8% Fibonacci correction of the previous minor upward impulse wave from the start of May. The upward reversal from this support area
continues the active impulse waves iii and (iii) for the higher order impulse wave 3 from March. Given the clear daily uptrend – WTI crude oil can be expected to rise further toward the next resistance level 112.000 (top of the previous candlesticks reversal pattern Evening Star).