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CRUDE OIL FUTURES (CRUDEOIL1!), H4 Potential For Bullish Rise

40125 crude oil futures crudeoil1 h4 potential for bullish rise

Type: Bullish RiseKey Levels:Resistance: 9171Pivot: 8937Support: 8760Preferred 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 8937 where the overlap support is to the 1st resistance at 9171 in line with the 127.2% fibonacci extension and 78.6% fibonacci projection .Alternative Scenario:Alternatively, price may break pivot structure and drop to the 1st support at 8760 in line with the overlap support.Fundamentals:Due to the Russian-Ukraine invasion and a shortage of oil shipments from Russia, oil prices are projected to continue to increase. As a result, we’ve adopted a bullish stance.

Source: Tickmill

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