WTI Inverted Head and Shoulders but Still in Downtrend

2 min read
tarantula fx

tarantula fx

Head of Trading

Dear Traders,

The WTI has formed a strong descending trend line indicating bearish pressure. However, there is an inverted Head and Shoulders pattern looming at support.

61.50-62.00 Zone might reject the price on a reversal bearish pattern due to a confluence if camarilla pivot, trend line and ATR. The target is 60.66. A clear breakout below 60.66 and the next target will be 59.74. Have in mind that 60.45 is the Daily ATR projection LOW, while 62.90 is the Daily ATR projection HIGH. Having that in mind, a close above 62.32 will be bullish for the WTI and the price could bounce towards 62.90 and 63.94. Strong H1 or 4h close above 63.94 points to more gains towards 65.71.

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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