WTI crude oil: ⬆️ Buy

– WTI crude oil reversed from strong support level 56.00

– Likely to rise to resistance level 58.00

WTI crude oil recently reversed from the support area between the strong support level 56.00 (which reversed the price in April and May, as can be seen below) and the lower daily Bollinger Band.

This support area was further strengthened by the support trendline of the daily down channel from August.

Given the strength of the support level 56.00 and the oversold daily Stochastic, WTI crude oil can be expected to rise to the next resistance level 58.00.