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WTI Horizontal Channel Congestion Prior to Breakout

June 01, 2018 11:55

WTI - 1 hour - 1 June 2018

Source: Admiral Markets MT5 with MT5SE Add-on

The WTI started a bearish move at the break of bullish wedge top and now it is trading within the horizontal channel. However, the price is currently below the EMA89 and MACD is below zero line so we might see another drop. 67.20-40 is the POC zone. Rejections from the zone should target 66.52 and 66.06. Below the channel targets are 65.28 and 64.37. However a spike above 67.55 will change the tide and targets are 67.93 and 68.70. This might likely happen on profit taking – if shorts start to close their positions today. Pay attention to the POC zone.

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)

Best wishes,

Nenad

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