OIL Range Expansion is a Possibility

2 min read
Nenad Kerkez

Nenad Kerkez

Head of Trading

Dear traders,

Oil has been consolidating in a rectangle and we could see a move up before the price drops.

Since March 17 we have seen a consolidation in the oil price. We don’t know if the market is going to continue with any trend until the range is broken. At this point we should see a drop from 78.6-88.6 zone towards W L4 camarilla. However, the POC zone needs to be reached – 63.22-63.98. When the price gets there, I assume another drop is coming towards 57.52 which will be the target for the move. This will create another rectangle and possible range 50-65.

The Analysis has been done with the Black Widow system.

Good trading,
Nenad Kerkez

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