WTI Crude Oil

Oil Retracement Towards the Trendline then Another Drop in the Price

Oil is ranging and the market is very slow. We could see a move to the upside towards the POC zone.

If the market makes the move towards the POC zone, we might have a sell trade. 61.26-61.72 is where we could expect the price to go. Descending trend line and M H3 resistance constitute for a confluence. A rejection from the zone targets W L3 W L4 and ATR low. 57.11 is the final target if we see a move down.

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Cheers and safe trading,

Nenad

 

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.