WTI is Bullish but Might Reject from 72.00-72.30 Zone

May 18, 2018 16:45

The WTI has risen due to both Geopolitical events in the Middle East and market forces. However the price has reached 72.29 then closed below W L3, so we might expect further drop if the price stays below 72.30. For bulls, 62.30-90 is the zone to watch for as the price might bounce, once the zone has been reached. Targets will be 71.65, 72.80 and 74.92 as the bounce from 69.30-90 and the break of 72.30 should provide a bullish continuation move.

Source: Admiral Markets MT5 with MT5SE Add-on

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

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)

Best wishes,

Nenad

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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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