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WTI Possible Double Top Breakout

December 20, 2017 09:01

The WTI has formed a bullish SHS pattern, and the price is struggling to break a double top that has been created by the pattern itself. A pullback within the POC zone 57.30-46 could reject the price again, and if we see a clear move above 57.76, then next target could be W H3 - 57.95 and 58.15 - D H5. If the price makes a 4h close above 58.00, then we could see the W H4 as the final target - 58.63. The full ATR projection also makes a confluence with the W H4 target should the price remain bullish

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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