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WTI crude breaks above $90 resistance, targets $95
The move followed a breakout through the $90.00 resistance zone, combining a prior reversal level and a 61.8% Fibonacci correction.
WTI crude recently broke above a resistance zone centered on $90.00, which has been reversing price action since June, according to technical analysis from Action Forex.
The outlet says the breakout also cleared the resistance trendline tied to a daily down channel from March and the 61.8% Fibonacci correction of the May impulse move.
Action Forex adds that the break has accelerated an intermediate impulse wave labeled (C), with an expectation that WTI can continue higher to the next resistance level at $95.00, viewed as the target for completing the active impulse wave 3.
Latest closeWTI crude $94.28 ▲3.1%