Exploring WTI Coin’s Market Performance: In-Depth Technical Analysis Report, May 2024
Release: 2024/05/02 23:49 Reading: 937
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WTI crude oil is expected to fall further toward the next support level 76.75 due to strong bearish pressure.
The price broke the support zone lying at the intersection of the key support level 80.40, support trendline of the daily up channel from January and the 38.2% Fibonacci correction of the previous upward impulse from December.
The breakout of this support accelerated the c-wave of the active minor ABC correction 4 from the start of April.
WTI Crude Oil Under Bearish Pressure
WTI crude oil is currently under significant bearish pressure. This comes after the price broke the support zone lying at the intersection of the key support level 80.40, which is the low of wave iv from March. This can be seen from the daily WTI chart. The support zone also includes the support trendline of the daily up channel from January and the 38.2% Fibonacci correction of the previous upward impulse from December.
Breakout of Support Accelerates C-Wave
The breakout of this support zone has accelerated the c-wave of the active minor ABC correction 4 from the start of April. Given the global risk-on sentiment affecting the energy markets, WTI crude oil can be expected to fall further toward the next support level 76.75. This is the former monthly low from March and the target price for the completion of the active wave c.
Conclusion
In conclusion, WTI crude oil is under strong bearish pressure and is expected to fall further towards the next support level of 76.75. This is due to a breakout of the support zone at the intersection of key support level 80.40. The breakout has also accelerated the c-wave of the active minor ABC correction 4 from the start of April. Given the global risk-on sentiment affecting the energy markets, investors should keep a close eye on these developments.
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