Economy

WTI crude oil Targets $85 as Momentum Accelerates, 14 July,…

WTI crude oil can be expected to rise to the next resistance level 85.00 (former strong support from May).

  • WTI crude oil broke resistance area
  • Likely to rise to resistance level 85.00

WTI crude oil recently broke the resistance area located between the key resistance level 78.10 (which stopped the previous short-term correction 4 in the middle of June, as can be seen from the daily WTI crude oil chart below), resistance trendline of the daily down channel from May and the 38.2% Fibonacci correction of the downward impulse from the start of June. The breakout of this resistance area accelerated the active minor impulse wave 1 of the intermediate impulse wave (1) from the start of July.

Given the strength of the active intermediate impulse wave (1), WTI crude oil can be expected to rise to the next resistance level 85.00 (former strong support from May and June).

The subject matter and the content of this article are solely the views of the author. FinanceFeeds does not bear any legal responsibility for the content of this article and they do not reflect the viewpoint of FinanceFeeds or its editorial staff.

The information does not constitute advice or a recommendation on any course of action and does not take into account your personal circumstances, financial situation, or individual needs. We strongly recommend you seek independent professional advice or conduct your own independent research before acting upon any information contained in this article.

You May Also Like

Investing

Cobra (LSE: COBR), a mineral exploration and development company, is pleased to announce that is has received Environmental Protection and Rehabilitation (‘EPEPR’) approval from...

Investing

Rare earth elements (REEs) are crucial for technologies like smartphone cameras and defense systems. A select few from the group of 17 are also...

Editor's Pick

Former independent presidential candidate Robert F. Kennedy Jr. is back in the headlines — not for suspending his campaign last week and endorsing Republican...

Investing

In recent years, the global oil market has been impacted significantly by COVID-19 disruptions, price wars between oil-producing nations, Russia’s war in Ukraine and...

Disclaimer: Pertxpert.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 pertxpert.com