$100 Crude Oil Breaks Out: Next Target at $105

WTI crude oil has broken through the $100 resistance level and is expected to rise further to the next resistance point of $105.00.

This milestone comes after a breakout from a resistance zone set at the intersection of the round resistance level $100.00 and the trendline of an up channel from July 1st, according to the daily WTI crude oil chart.

The active minor impulse wave (3) of the intermediate impulse wave (3) from August has accelerated with this breakout, as part of a primary upward impulse wave (C) starting in July.

Given the multi-month uptrend and current bullish sentiment due to global logistics blockages, WTI crude oil is likely to continue rising to its next resistance level of $105.00, which has been reversing price movements since April 1st.