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 .
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