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Admiral Markets UK Ltd

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WTI Ascending Channel Intact

Oktober 13, 2017 13:47

The WTI is in a strong AP ascending channel and currently it's trying to reach strong D H5 resistance. We might see some short term profit taking here, leading to retracement. Potential fresh buying interest comes within the POC zone 50.65-85 (D H3, order block, ATR pivot, channel bottom) where we could see buyers in the case of pullback. Targets are D camarilla pivots as shown on the chart including the W H5 pivot - 51.52. If the price proceeds upwards without a pullback, pay attention to 51.92, where we could see a rejection do to order block and historical sellers. Rejection might target a 51.55 retest.

W L3 - Weekly Camarilla Pivot (Weekly Interim Support)

W H3 - Weekly Camarilla Pivot (Weekly Interim Resistance)

W H4 - Weekly Camarilla Pivot (Strong Weekly Resistance)

D H4 - Daily Camarilla Pivot (Very Strong Daily Resistance)

D L3 – Daily Camarilla Pivot (Daily Support)

D L4 – Daily H4 Camarilla (Very Strong Daily Support)

PPR - Progressive Polynomial Channel

AP -Andrew's Pitchfork

POC - Point Of Confluence (The zone where we expect price to react aka entry zone)

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