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OIL/USD Consolidating in a Bearish Range but Close to a Turning Point

By:
Nenad Kerkez
Published: Oct 21, 2019, 08:59 UTC

Dear Traders, The WTI is at resistance and it will be either make it or break it. There are two possible scenarios, in my opinion. 53..95-54.53 is the POC

OIL/USD Consolidating in a Bearish Range but Close to a Turning Point

Dear Traders,

The WTI is at resistance and it will be either make it or break it. There are two possible scenarios, in my opinion.

53..95-54.53 is the POC zone where the last try for bears to tank the price could happen. We see that the price wants to go down, but it lacks momentum. If the bears fail to bring the price lower, a close above 54.70 will be bullish and the WTI could target 55.06, 56.21 and 56.94. However a drop off the POC zone will aim for 53.05, 52.38 and 51.23.

The analysis has been done with the CAMMACD.MTF template.

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Many green pips,
Nenad Kerkez aka Tarantula FX
Elite CurrenSea

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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