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

FXEmpire.com -

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

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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