WTI Wave Analysis – 2 June, 2022

• WTI reversed from key resistance level 115.00

• Likely to fall to support level 110.00

WTI crude oil recently reversed down from the key resistance level 115.00 (which stopped wave 1 at the end of March) – standing close to the upper daily Bollinger Band and the resistance trendline of the daily up channel from April.

The downward reversal from the resistance level 115.00 created the Bearish Engulfing, which started the active minor corrective wave (iv).

WTI crude oil can be expected to fall further toward the next support level 110.00 (former resistance from May).

Source: Fxpro

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