WTI Wave Analysis – 4 May 2026

WTI: ⬆️ Buy

– WTI reversed from key support level 96.60

– Likely to rise to resistance level 107.30

WTI crude oil recently reversed from the support zone between the key support level 96.60 (former resistance from April, acting now as the support, after it was broken last month) and the 38.2% Fibonacci correction of the upward impulse 1.

The upward reversal from this support zone is likely to form the daily Bullish Engulfing pattern if the price closes today near the current levels.

Given the strong daily uptrend, WTI crude oil can be expected to rise to the next resistance level 107.30 (which stopped previous waves 1 and B).

Source: https://fxpro.news