Titlle: Light Crude Oil Futures ( CL1! ), H4 Potential for Bulli
Type: Bullish Momentum
Resistance: 90.21
Pivot: 86.10
Support: 83.00
Preferred Case: The price is above the ichimoku cloud and breaking descending trendline, we have a bullish bias that the price may rise from the pivot at 86.10 which is in line with the overlap support to the 1st resistance at 90.21, which is in line with the overlap resistance and 61.8% fibonacci retracement.
Alternative scenario: If bearish momentum persists, expect price drop to the 1st support at 83.00, where the 38.2% fibonacci retracement is.
Fundamentals: There is no major news.
Resistance: 90.21
Pivot: 86.10
Support: 83.00
Preferred Case: The price is above the ichimoku cloud and breaking descending trendline, we have a bullish bias that the price may rise from the pivot at 86.10 which is in line with the overlap support to the 1st resistance at 90.21, which is in line with the overlap resistance and 61.8% fibonacci retracement.
Alternative scenario: If bearish momentum persists, expect price drop to the 1st support at 83.00, where the 38.2% fibonacci retracement is.
Fundamentals: There is no major news.