Light Crude Oil Futures ( CL1! ), H4 Potential For Bullish Bounce!

36486 light crude oil futures cl1 h4 potential for bullish bounce

Type: Bullish BounceKey Levels:Resistance: 108.74 Pivot: 100.05 Support: 94.45Preferred Case:Prices are consolidating in a triangular pattern. We see the potential for a bounce from our pivot at 100.05 which is a graphical overlap and in line with an area of Fibonacci confluences towards our 1st resistance at 108.74 in line with 50% Fibonacci retracement .Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st support at 94.45 which is a graphical swing low and in line with 61.8% Fibonacci retracement .Fundamentals:Biden Administration stated its intent to release around 1m bbl /day of oil from the SPR to ease the inflation situation in the country. As TA and FA are supporting conflicting news, we would ask investors to exercise prudence when trading the commodity.

Source: Tickmill

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