Crude Oil Futures ( CL1! ), H4 Potential for Bullish Rise
Title: Crude Oil Futures ( CL1! ), H4 Potential for Bullish Rise
Type: Bullish Rise
Resistance: 85.61
Pivot: 80.62
Support: 77.31
Preferred case: Looking at the H4 chart, my overall bias for CL1! is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect price to continue heading towards the resistance at 85.61, where the overlap resistance are.
Alternative scenario: Price may head back down to retest the support at 77.31, where the 38.2% Fibonacci line is.
Fundamentals: There are no major news.
Type: Bullish Rise
Resistance: 85.61
Pivot: 80.62
Support: 77.31
Preferred case: Looking at the H4 chart, my overall bias for CL1! is bullish due to the current price being above the Ichimoku cloud, indicating a bullish market. If this bullish momentum continues, expect price to continue heading towards the resistance at 85.61, where the overlap resistance are.
Alternative scenario: Price may head back down to retest the support at 77.31, where the 38.2% Fibonacci line is.
Fundamentals: There are no major news.