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WTI Bullish Zig-Zag is Progressive

March 23, 2018 09:28

Source: Admiral Markets MT5 with MT5SE Add-on

The WTI is still in a strong uptrend. The price behaved exactly as planned as you could have read in my previous WTI analysis. Today it's Friday and we might see some profit taking. Pay attention to a blue trend line break for a retracement down to POC. The POC 65.85-90 could provide a bounce to price towards red trend line – 65.00.However if we don't see any retracement to the POC, we need to pay attention to a possible breakout above red trend line or 4 close above 65.00. In that case the WTI could spike to 65.63. The price has already reached the W H5 (strongest weekly resistance), so it needs a lot of momentum to proceed towards 65.63 and above.

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)

Best wishes,

Nenad

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