Crude Oil Futures ( CL1! ), H4 Potential for Bearish Drop
Title: Crude Oil Futures ( CL1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 90.671
Pivot: 86.655
Support: 81.047
Preferred case: Looking at the H4 chart, my overall bias for CL1! is bearish due to the current price crossing the Ichimoku cloud, indicating a bearish market. If this bullish momentum continues, expect the price to continue heading toward the support at 81.047, where the 23.6% Fibonacci line is.
Alternative scenario: Price may head up to the resistance at 90.671, where the 61.8% Fibonacci line is.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 90.671
Pivot: 86.655
Support: 81.047
Preferred case: Looking at the H4 chart, my overall bias for CL1! is bearish due to the current price crossing the Ichimoku cloud, indicating a bearish market. If this bullish momentum continues, expect the price to continue heading toward the support at 81.047, where the 23.6% Fibonacci line is.
Alternative scenario: Price may head up to the resistance at 90.671, where the 61.8% Fibonacci line is.
Fundamentals: There are no major news.