Brent WTI crude oil

OIL Range Expansion is a Possibility

Oil has been consolidating in a rectangle and we could see a move up before the price drops.

Since March 17 we have seen a consolidation in the oil price. We don’t know if the market is going to continue with any trend until the range is broken. At this point we should see a drop from 78.6-88.6 zone towards W L4 camarilla. However, the POC zone needs to be reached – 63.22-63.98. When the price gets there, I assume another drop is coming towards 57.52 which will be the target for the move. This will create another rectangle and possible range 50-65.

For a look at all of today’s economic events, check out our economic calendar.

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.