Light Crude Oil Futures ( CL1! ), H4 Potential For Further Dips


Type: Bearish DipKey Levels:Resistance: 103.78Pivot: 95.09Support: 93.51Preferred Case:Prices have approached a pivot. We see the potential for a bounce from our pivot at 95.09 which is a graphical overlap and in line with 127.2% Fibonacci extension towards our 1st resistance at 103.78 in line with 127.2% Fibonacci Projection .Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st support at 93.51 in line with 161.8% Fibonacci projection.Fundamentals:With ongoing inflation and war tension, we will expect more bullish upside with the commodity.

Source: Tickmill

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