CRUDE OIL FUTURES (CL1!), H1 Potential for Bullish Momentum
Type : Bullish Rise
Resistance : 120.88
Pivot: 119.21
Support : 117.64
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 119.21 where the pullback support is to the 1st resistance at 120.88 in line with the swing high resistance and 61.8% fibonacci projection
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 117.64 in line with the overlap support and 38.2% fibonacci retracement .
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 : 120.88
Pivot: 119.21
Support : 117.64
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 119.21 where the pullback support is to the 1st resistance at 120.88 in line with the swing high resistance and 61.8% fibonacci projection
Alternative scenario: Alternatively, price may break pivot structure and drop to the 1st support at 117.64 in line with the overlap support and 38.2% fibonacci retracement .
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.