The WTI has formed a leaned head and shoulders pattern which is bearish below the POC zone.
63.91-64.22 is the POC zone where the price might reject. Look for bearish reversals pattern in the zone and if they happen, the chance is the price will drop further. Targets are 63.27 and 62.96. Below 62.95 there will be a bearish continuation move towards 62.42, D L5 camarilla level. Additionally, we can spot a marubozu candle off the EMA, which suggests bearish momentum. However, if the price breaks 64.35 we might see 64.76 and the pattern will become invalidated.
The analysis has been done with the CAMMACD.MTF template.
For more daily technical and wave analysis and updates, sign-up up to our ecs.LIVE channel.