WTI Ascending Scallop at 61.8 Fibonacci Retracement

November 06, 2017 09:23

The WTI is in a strong uptrend. The price is getting positive momentum and at this point a retracement towards the POC could possibly be used for another leg to the upside. Near term historical buyers are aligned with the POC 55.00-55.20 (Order block, 61.8, D L3, trend line, ATR projection low).A retracement to 61.8 is in a strong confluence with the order block and near term buyers. However 1h momentum or 4h close above W H3 56.12 should make a continuation move towards 56.67, 56.93 and 57.65 and the ascending scallop will be completed.

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