LIGHT CRUDE OIL FUTURES (CL1!), H4 Potential for Bearish Drop
Type : Bearish Momentum
Resistance : 104.47
Pivot: 101.56
Support : 95.17
Preferred Case: On the H4, with price moving within a descending channel and RSI moving along a descending trendline, we have a bearish bias that price will drop from the pivot at 101.56 where the pullback resistance and 78.6% fibonacci retracement are to 1st support at 95.17 in line with pullback support and 61.8% fibonacci retracement .
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 104.47 where the pullback resistance is.
Fundamentals: Due to the uncertainty over the German gas crisis and supply constraint of oil , we have a bullish bias on oil . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.
Resistance : 104.47
Pivot: 101.56
Support : 95.17
Preferred Case: On the H4, with price moving within a descending channel and RSI moving along a descending trendline, we have a bearish bias that price will drop from the pivot at 101.56 where the pullback resistance and 78.6% fibonacci retracement are to 1st support at 95.17 in line with pullback support and 61.8% fibonacci retracement .
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 104.47 where the pullback resistance is.
Fundamentals: Due to the uncertainty over the German gas crisis and supply constraint of oil , we have a bullish bias on oil . We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.