By Admiral Markets
The WTI is currently bouncing from the D L5/W L3 confluence zone. 73.10-25 is the POC and this is where the fresh buyers are positioned. 74.82 could be the next target and only if the price breaks it, the WTI might continue further north towards 75.29-69. A drop below 73.00 might temporarily negate this scenario as bullish momentum will be lost.
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)
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)
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.