WTI Bullish Pennant in a Strong Uptrend

June 28, 2018 11:57

Source: Admiral Markets MT5 with MT5SE Add-on

The WTI has made a strong bounce above W H3 and W H4 levels, indicating a bullish pressure that shows no signs of waning. Just above W H4 resistance at D H3, the price has formed a small bullish pennant. Break above 73.16 and we should see a continuation move. If the price retraces to POC zone 71.10-71.70 we might see another push to the upside targeting 73.16. Above 73.16 targets are 73.72, 74.90 and 75.74.

Only the break below the D L4/Trend line at 70.98 should provide bears with more momentum targeting 69.00

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

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.

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