WTI Bullish Pennant in a Strong Uptrend

The WTI has made a strong bounce above W H3 and W H4 levels, indicating a bullish pressure that shows no signs of waning. Just above W H4 resistance at D H3, the price has formed a small bullish pennant. Break above 73.16 and we should see a continuation move. If the price retraces to POC zone 71.10-71.70 we might see another push to the upside targeting 73.16. Above 73.16 targets are 73.72, 74.90 and 75.74.

Only the break below the D L4/Trend line at 70.98 should provide bears with more momentum targeting 69.00

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)

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

Best wishes,

Nenad

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