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WTIUSD, H4 Potential For Bullish Continuation

40528 wtiusd h4 potential for bullish continuation

Type: Bullish RiseKey Levels:Resistance: 12662.5Pivot: 11067.9Support: 10493.8Preferred Case:On the H4, with price moving within the ascending trend channel and above the ichimoku cloud , we have a bullish bias that price will rise from our pivot at 11067.9 in line with the swing low and 50% fibonacci retracement to the 1st resistance at 12662.5 in line with the 100% fibonacci projection and horizontal swing high.Alternative Scenario:Alternatively, price may drop from the pivot to the 1st support at 10493.8 at the swing low.Fundamentals:As China eases covid controls, demand for crude oil is expected to rise, thus we have a bullish view on the commodity

Source: Tickmill

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