CRUDE OIL FUTURES (CRUDEOIL1!), H4 Potential for Bullish Momentum

39946 crude oil futures crudeoil1 h4 potential for bullish momentum

Type: Bullish RiseKey Levels:Resistance: 8840Pivot: 8529Support: 82712nd support: 7791Preferred Case:Price is moving within the ascending trend channel and is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 8529 at the overlap resistance and is in line with the 23.6% fibonacci retracement and the 61.8% fibonacci projection , to the resistance level at 8840 at the swing high.Alternative Scenario:Alternatively, price may drop break the pivot and drop to the 1st support at 8271 in line with 38.2% fibonacci retracements, or the 2nd pullback support at 7791, in line with 23.6% fibonacci retracement .Fundamentals:Oil prices are expected to continue to rise due to the Russian-Ukraine Invasion and the lack of exports of oil from Russia. As a result, we have a bullish bias.

Source: Tickmill

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