By Admiral Markets
The WTI has been in a steady uptrend that is followed by a bullish zigzag pattern. 69.35-95 is the POC zone and as long as the price is kept above 67.90, the WTI is bullish. Targets are 71.65 and 72.80. If the 4 hour candle closes above 72.80 we might see a push towards W H5 – 74.92.
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
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W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
This material does not contain and should not be construed as containing investment advice, investment recommendations, an offer of or solicitation for any transactions in financial instruments. Please note that such trading analysis is not a reliable indicator for any current or future performance, as circumstances may change over time. Before making any investment decisions, you should seek advice from independent financial advisors to ensure you understand the risks.
Article by Admiral Markets
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.