EL7.AI
Commodities•22 July 2026•
1 min read

WTI Crude Oil Technical Analysis Signals Continued Rally via Elliott Wave

Key Facts

1Elliott Wave analysis for WTI Crude Oil (CL) shows an impulsive rally starting from the July 2, 2026 low of $70.77.
2Wave 3 of the rally reached $85.39, indicating prospects for continued price strength.

Amid recent technical shifts in energy markets, Elliott Wave analysis for WTI Crude Oil (CL) indicates signs of a sustained upward trend. According to reports, an impulsive rally commenced from the July 2, 2026 low of $90.50, reflecting a positive shift in the market's technical structure. This pattern suggests potential buying momentum that could drive prices toward higher levels in the near term.

Wave 3 of this impulsive rally reached the $85.39 level, which serves as a strong technical signal for continued price strength according to Elliott Wave theory. These movements coincide with market data showing a decline in U.S. oil inventories, as the EIA Weekly Petroleum Report on July 15, 2026, recorded a decrease of -1.693 million barrels, potentially supporting the bullish technical outlook.

The market remains attentive to upcoming weekly energy reports, while technical forecasts lean bullish as long as prices remain above the key support levels established earlier this month.