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WTI is Topping Out

January 17, 2018 09:43

The WTI is still bullish, but we could see a possible correction taking place. The WTI topped out at 64.67 W H1 and the break of an X-Cross ™ (a trendline and camarilla pivot cross) at 63.40 could target 62.82 and 61.51 and 60.74 as a part of a more substantial correction. Continuation to the upside is expected at the break of 64.67, and it could lead to 65.30 and 66.24. 60.74 is a stable weekly level, and we might see fresh buyers who will push the price higher if the 60.74 is hit.

W H3 -1.2055 should give another upside boost to the pair.

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)

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WTI Crude Oil Instrument


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