WTI Correctional Move is Needed

2 min read
tarantula fx

tarantula fx

Head of Trading

Dear Traders,

Due to sanctions on Iran and Venezuela, attacks on Saudi- and UAE-owned oil tankers and US/China trade talks, the WTI had a big drop.

The POC zone 60.00-60.80 could be a turning point for the WTI after a possible correction. However, traders should also pay attention to 59.27 and 59.81 as the price could also stall there. If the rejection happens watch for 58.15, 57.84 and 57.03. However, the correction is needed so the POC zone should ideally be the best zone for new sellers. Have in mind that today is Friday so we will probably see the limited profit taking around London noon and around London close that might spur additional momentum in the pair.

The analysis has been done with the CAMMACD.MTF template.
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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

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