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Jan 26, 2023 10:09 AM

CrudeOil Futures ( CRUDEOIL1! ), H4 Potential for Bullish Rise Long

Crude Oil FuturesMCX

Description

Title: CrudeOil Futures ( CRUDEOIL1! ), H4 Potential for Bullish Rise
Type: Bullish Rise
Resistance: 7676
Pivot: 6764
Support: 5832

Preferred case: On the H4 chart, we have a bullish bias. To add confluence to this, price is above the Ichimoku cloud which indicates a bullish market. If this bullish momentum continues, expect price head back up to retest the pivot at 6764, where the 50% Fibonacci line is.

Alternative scenario: Price may possibly head back down towards the support at 5832, where the previous swing low is.

Fundamentals: There are no major news.
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