• WTI oil reversed from support level 63.25
• Likely to rise to resistance level 66.80
WTI oil recently reversed up from the key support level 63.25 (former resistance from April), intersecting with the 38.2% Fibonacci correction of the upward price impulse from March.
The upward reversal from the support level 63.25 stopped the previous short-term ABC correction 2.
Given the persistent multi-month uptrend – WTI oil is likely to rise further toward the next resistance level 66.80 (top of the previous waves 1 and (b)).