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WTI crude breaks above key resistance, eyeing 90.00

Analysts point to a move above the 80.00 resistance zone, framing it as progress within impulse wave 3 toward a 90.00 target.

Reported · Written up by our desk · Energy

WTI crude oil has broken above a resistance zone spanning 80.00, which previously acted as strong support in April.

According to Action Forex, the latest breakout accelerated the active impulse wave 3 of an intermediate impulse wave, following the 38.2% Fibonacci correction of a downward move from March.

With the move underway, WTI is expected to rise to the next resistance level at 90.00, described as a target for completion of the active impulse wave 3.

Latest closeWTI crude $83.42 ▲1.6%

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