By Admiral Markets
The WTI is in a strong AP ascending channel and currently it’s trying to reach strong D H5 resistance. We might see some short term profit taking here, leading to retracement. Potential fresh buying interest comes within the POC zone 50.65-85 (D H3, order block, ATR pivot, channel bottom) where we could see buyers in the case of pullback. Targets are D camarilla pivots as shown on the chart including the W H5 pivot – 51.52. If the price proceeds upwards without a pullback, pay attention to 51.92, where we could see a rejection do to order block and historical sellers. Rejection might target a 51.55 retest.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
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W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
PPR – Progressive Polynomial Channel
AP -Andrew’s Pitchfork
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: WTI Ascending Channel Intact
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