Oil Retracement Might Target 19.93
May 11, 2020
2 min read
Dear Traders,
Oil has moved towards 25.20 before signaling a possible drop. We might see a retracement towards 22.31 and 19.93.
Mid-Term and Longer term I am bullish on Oil. At this point we might see a u-turn from the price tops as the market looks overbought on the 4h timeframe. 24.30-50 zone is where we might see a retracement towards W L3 and W L4 camarilla pivots. 22.31-19.93. If the price manages to stay below 27, this scenario might happen. Only above 27.10 we should see upward continuation.
The analysis has been done with the CAMMACD system.
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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea
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