By Admiral Markets
The WTI is currently getting close to its December trend lines, and it might be either make it or break it. The POC zone ( Weekly camarilla pivot, D L4, 78.6) is sitting precisely between W H1 and W L1 levels, minor camarillas that usually provide a breakout direction on the instrument. 61.50-70 is the zone. If it rejects the zone, watch for a possible retest of 62.20 and 62.66. However, a drop below 61.50 should aim for 61.24, 60.24 and 60.36 if we see a bearish momentum and 4h close below W L3- 60.94.
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 December Trend Lines Form the POC zone
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