WTI under bearish pressure following the earlier downward reversal from the key resistance level 54.00 (former
support from the end of October, acting as the resistance after it was broken by the active sharp downward
impulse waves 3 and (3)). The downward reversal from the resistance level 54.00 created the daily reversal
pattern Dark Cloud Cover.
WTI is likely to remain under the bearish pressure and to extend the losses toward the next support level 52.00
(which reversed the price multiple times in October) – the breakout of which can lead to further losses to the next
major support 51.00. Strong resistance remains at the resistance level 54.00.