WTI crude oil Technical Analysis Report 23 April, 2024

– WTI crude oil reversed from key support level 80.40

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– Likely to rise to resistance level 86.00

WTI crude oil recently reversed up from the support zone lying between the key support level 80.40 (low of the previous minor correction iv from the end of last month) standing close to the lower daily Bollinger Band, support trendline of the daily up channel from January and the 50% Fibonacci correction of the previous upward impulse from March. The upward reversal from the support level 80.40 stopped the previous minor ABC correction 4 from the start of April with the daily Hammer.

Given the strength of the support level 80.40 and the resumption of the oil demand growth expectations, WTI crude oil can be expected to rise further toward the next major resistance level 86.00, which has been reversing the price from October.

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