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OIL, H4 | Potential For Dip

31182 oil h4 potential for dip

Type: Bearish ReversalKey Levels:Resistance: 90.248Pivot: 89.066Support: 85.537Preferred Case:Prices are consolidating in an ascending triangle. We see the potential for a dip from our Pivot at 89.066 in line with 127.2% Fibonacci extension and 161.8% Fibonacci projection towards our 1st support at 85.537 in line with 61.8% Fibonacci extension and 78.6% Fibonacci retracement. Divergence is spotted on RSI, supporting our bearish bias.Alternative Scenario:Alternatively, prices may climb towards our 1st resistance at 90.248 in line with 78.6% Fibonacci retracement.

Source: Tickmill

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