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Oil Uptrend Should Continue Towards 44.35

By:
Nenad Kerkez
Published: Aug 6, 2020, 08:23 GMT+00:00

Oil is pushing up strongly as new swings form. We have a zig zag to the upside, and fresh buyers might come soon.

WTI Brent Crude Oil

Oil is pushing up strongly as new swings form. We have a zig zag to the upside, and fresh buyers might come soon.

41.40-41.73 is the POC. X Cross clearly marks the ATR projection low. With the confluence of X cross, W H3, ATR low, I assume this is where buyers are. Targets for the move are 42.27 followed by 42.85 and 43.45. Above 43.45 we should see 44.35, the final daily and weekly target. Oil is bullish and buying the dips continues.

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The Analysis has been done with the CAMMACD.Core and Sit Systems

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About the Author

Nenad Kerkezcontributor

M.Ec. Nenad Kerkez aka Tarantula is Elite CurrenSeas Head trader and a valued contributor to many premium Forex and trading websites.

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