CRUDE OIL FUTURES (CL1!), H1 Potential for Bullish Momentum
Type : Bullish Rise
Resistance : 9753
Pivot: 9312
Support : 9129
Preferred Case: On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 9312 where the overlap support is to the 1st resistance at 9753 in line with the pullback resistance, 161.8% fibonacci extension and 100% fibonacci projection
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 9129 in line with the overlap support.
Fundamentals: Due to the Russian-Ukraine invasion and a shortage of oil shipments from Russia, oil prices are projected to continue to increase. As a result, we've adopted a bullish stance.
Resistance : 9753
Pivot: 9312
Support : 9129
Preferred Case: On the H1, price is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 9312 where the overlap support is to the 1st resistance at 9753 in line with the pullback resistance, 161.8% fibonacci extension and 100% fibonacci projection
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 9129 in line with the overlap support.
Fundamentals: Due to the Russian-Ukraine invasion and a shortage of oil shipments from Russia, oil prices are projected to continue to increase. As a result, we've adopted a bullish stance.