WTI W-Shape Twin Bottom Pattern Suggests Further Upside

Marec 20, 2018 09:57

Source: Admiral Markets MT5 with MT5SE Add-on

The WTI has formed a W-Shape Twin Bottom suggesting bullish pressure. The price has made a bullish pinbar straight off W L3 support which creates a POC zone. In the case of a retracement, the POC should provide another bounce. If we see a strong 1h momentum aboveW H3 (or 4h close above), next target is W H4/ M H3 63.55-82. As long as the price holds above W L4/ M L1 60.90, bulls should have the upper hand.

W H3 -Weekly Camarilla Pivot (Weekly Interim Resistance)

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 - Daily Camarilla Pivot (Very Strong Monthly Resistance)

M L3 – Daily Camarilla Pivot (Monthly Support)

M L4 – Daily 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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