• WTI reversed from resistance area
• Further losses are likely
WTI recently reversed down sharply from the resistance area located between the key resistance level 71.00 (which has been reversing the price form the middle of July), upper daily Bollinger Band and the 61.8% Fibonacci correction of the previous ABC correction (2) from July.
The downward reversal from this resistance area created the daily Japanese candlesticks reversal pattern Shooting Star.
WTI is expected to fall further and retest the next support 67.00 (low of the previous short-term correction 2).