Oil retracement towards the trendline then another drop in the price

Nenad Kerkez Top-XE

Oil is ranging and the market is very slow. We could see a move to the upside towards the POC zone.

If the market makes the move towards the POC zone, we might have a sell trade. 61.26-61.72 is where we could expect the price to go. Descending trend line and M H3 resistance constitute for a confluence. A rejection from the zone targets W L3 W L4 and ATR low. 57.11 is the final target if we see a move down.

The analysis has been done with the CAMMACD.Core System.

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Author

Nenad Kerkez

Top-XE

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