BCOUSD Potential For Bullish Rise

OANDA:BCOUSD   Brent Crude Oil
On H4, with the price breaking the descending trendline and above ichomoku cloud, we have a bullish bias that the price may rise from the buy entry at 98.418, which is in line with the 23.6% fibonacci retracement to the take profit at 105.207, where the 50% fibonacci retracement and previous swing high are. Alternatively, the price may drop to the stop loss at 93.280, which is in line with the previous swing low and 61.8% fibonacci retracement .

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