By Admiral Markets
The WTI has formed a bullish SHS pattern, and the price is struggling to break a double top that has been created by the pattern itself. A pullback within the POC zone 57.30-46 could reject the price again, and if we see a clear move above 57.76, then next target could be W H3 – 57.95 and 58.15 – D H5. If the price makes a 4h close above 58.00, then we could see the W H4 as the final target – 58.63. The full ATR projection also makes a confluence with the W H4 target should the price remain bullish
W L3 – Weekly Camarilla Pivot (Weekly Interim Support)
W H3 – Weekly Camarilla Pivot (Weekly Interim Resistance)
W H4 – Weekly Camarilla Pivot (Strong Weekly Resistance)
D H4 – Daily Camarilla Pivot (Very Strong Daily Resistance)
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D L3 – Daily Camarilla Pivot (Daily Support)
D L4 – Daily H4 Camarilla (Very Strong Daily Support)
POC – Point Of Confluence (The zone where we expect price to react aka entry zone)
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Article by Admiral Markets
Source: WTI Possible Double Top Breakout
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