WTI Crude Oil Breaks Above Key Resistance Zone

WTI Crude Oil has broken through a significant resistance zone, sending prices upwards. The breakout occurred above the $90.00 level, which had been reversing the price since June. This key level also coincided with the resistance trendline of a daily down channel from March and the 61.8% Fibonacci correction of a downward impulse from May.

The break above this zone has accelerated an active minor impulse wave 3 of an intermediate impulse wave (C) that began in July. As a result, WTI Crude Oil is expected to rise further to its next resistance level at $95.00, which serves as the target for the completion of the active impulse wave 3.