The OIL/USD (WTI) has been in a neutral mode with a possibility of continuation up or down off the POC zone.
If the price closes above 57.32 on 4h timeframe we might see a bounce towards 559.05, 59.92 and 61.44. However, a close below 56.86 should give bears additional strength and we could see 55.34 and 52.76. At this point we see that bears are trying to pull the price down, but a full 4h candle close is needed for next direction. Have in mind that volatility is needed for targets to be reached. Without volatility, the price will probably reach the ATR projection for this day so we might need to wait few more days for the move to fully develop.
The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX