LeoPrime Daily Market Analysis

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WTI rising inside impulse wave 3; Likely to reach 43.700

WTI continues to rise inside the minor impulse wave 3, which started earlier from the round support level 40.000 The active impulse wave 3 belongs to the medium-term upward impulse sequence (3) from the end of October – which started when the price reversed up from the key support level 35.000. Given the rising risk-sentiment seen across the commodity markets today (on positive news about the COVID-19 vaccine test results) – WTI is likely to rise further in the active impulse waves 3 and (3) toward the next powerful resistance level 43.700 (former monthly high from the end of August).

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