WTIUSD recently reversed up from the key support level 47.50 (former resistance from the start of December) intersecting with the 20-day moving average. The upward reversal from the support level 47.50 will most likely create the daily candlesticks reversal pattern Bullish Engulfing – if the price closes today near the current levels. Given the clear daily uptrend – WTIUSD is expected to rise further toward the next round resistance level 50.00 (target price calculated of the completion of the active short-term impulse wave 3).
