LIGHT CRUDE OIL FUTURES (CL1!), H1 Potential for Bearish Drop
Type : Bearish Momentum
Resistance : 104.59
Pivot: 101.50
Support : 97.45
Preferred Case: On the H1, with price moving below the ichimoku cloud , we have a bearish bias that price will rise and drop from the pivot at 101.50 in line with the overlap resistance and 61.8% fibonacci projection to the 1st support at 97.45 where the -61.8% fibonacci expansion and swing low support are.
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 104.59 where the pullback resistance, 50% fibonacci retracement and -61.8% fibonacci expansion are.
Fundamentals: Due to marketing growing increasingly concerned over a global recession, we have a bearish view on crude oil .
Resistance : 104.59
Pivot: 101.50
Support : 97.45
Preferred Case: On the H1, with price moving below the ichimoku cloud , we have a bearish bias that price will rise and drop from the pivot at 101.50 in line with the overlap resistance and 61.8% fibonacci projection to the 1st support at 97.45 where the -61.8% fibonacci expansion and swing low support are.
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 104.59 where the pullback resistance, 50% fibonacci retracement and -61.8% fibonacci expansion are.
Fundamentals: Due to marketing growing increasingly concerned over a global recession, we have a bearish view on crude oil .
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.