LeoPrime Daily Market Analysis

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WTI reversed from support area; Likely to rise to resistance level 84.56.

WTI crude oil continues to rise after the price reversed up from the key support area located between the round support level 80.00 , lower daily Bollinger Band and the 61.8% Fibonacci correction of the upward price impulse from the start of October, as can be seen from the daily WTI chart below. The upward reversal from this support area started the active short term impulse wave 3. Given the strong multi-month uptrend, WTI crude oil can be expected to rise further toward the next resistance level 84.56 (which stopped the pervious impulse waves 1 and (b)).

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