Crude Oil WTI Brent

OIL Break Below 38.80 is Possible as the Price is Bearish

Oil has moved lower making a swing below 40, which implies a possible bearish continuation. We could see 38.80.

The POC zone is 40.50-41.00. We might see a move towards the POC zone first before the next rejection. If not then a direct drop might happen from 40.00. A bearish rejection off the zone should be targeting 39.60 and 39.31. A retest of 38.80 is important. Continuation below towards 37.26 at the break of 38.80. Only above 41.00, bears will be in danger.

The Analysis has been done with the CAMMACD.Core and Sit Systems

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Published by

Nenad Kerkez

Nenad Kerkez is an analyst and trader who has been in the market since 2008 and works closely with Admiral Markets as their Senior Lecturer and Market Analyst. Nenad covers over 25 currencies on an intraday basis and has a Masters in economics. He also developed CAMMACD TM, a proprietary trading and analysis strategy wit ever powerful pre fact setups that you can read every day. Nenad is also a valuable presenter on various FX EXPO shows, where he always presents new and interesting ways how to trade price action and protect your own investments. Further, he is the co-founder and head of Elite Currensea Trading, an educational website for currency traders.