By Admiral Markets
The WTI has risen due to both Geopolitical events in the Middle East and market forces. However the price has reached 72.29 then closed below W L3, so we might expect further drop if the price stays below 72.30. For bulls, 62.30-90 is the zone to watch for as the price might bounce, once the zone has been reached. Targets will be 71.65, 72.80 and 74.92 as the bounce from 69.30-90 and the break of 72.30 should provide a bullish continuation move.
Source: Admiral Markets MT5 with MT5SE Add-on
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
Free Reports:
M H4 – Monthly Camarilla Pivot (Very Strong Monthly Resistance)
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)
Best wishes,
Nenad
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Article by Admiral Markets
Source: WTI is Bullish but Might Reject from 72.00-72.30 Zone
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