By Admiral Markets
The lower U.S. rig count number on oil drilling, the OPEC compliance to the output reduction, and the geopolitical tensions in northern Iraq along with discussions of Iran sanctions have helped Oil prices higher. Technically we can see two big inverted head and shoulder patterns pushing the price upward and continuation is expected as both technical and fundamental views are aligned. POC zone 51.65-95 should spike the price more to the upside towards 52.25 and if we see the break of the pattern neckline (52.28) we might see 52.70, 52.98 and 53.48. Currently big momentum candle is forming on 4h and watch for a possible marubozu candle close.
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 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
Free Reports:
Get Our Free Metatrader 4 Indicators - Put Our Free MetaTrader 4 Custom Indicators on your charts when you join our Weekly Newsletter
Get our Weekly Commitment of Traders Reports - See where the biggest traders (Hedge Funds and Commercial Hedgers) are positioned in the futures markets on a weekly basis.
M L3 – Monthly Camarilla Pivot (Monthly Support)
M L4 – Monthly H4 Camarilla (Very Strong Monthly Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
Follow @TarantulaFX on twitter for latest market updates
Sign up for Live Trading Webinars with Nenad Kerkez T
Connect with Nenad Kerkez T on Facebook for latest market update
Article by Admiral Markets
Source: WTI Bullish SHS Pattern Suggest More Upside
Admiral Markets is a leading online provider, offering trading with Forex and CFDs on stocks, indices, precious metals and energy.
