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Oil Futures (CLH), H4 | Potential For Bullish Continuation!

33395 oil futures clh h4 potential for bullish continuation

Type: Bullish ContinuationKey Levels:Resistance:Pivot:Support:Preferred Case:Prices have been on bullish momentum. We see the potential for further bullish consolidation from our Pivot at 91.06 in line with 50% Fibonacci retracement towards our 1st resistance at 101.2 in line with 200% Fibonacci Projection and 200% Fibonacci expansion . Our bullish bias is further supported prices trading above our Ichimoku cloud support.Alternative Scenario:If prices were to reverse, they can potentially dip towards our 1st support at 1904.5 which is a graphical overlap support and in line with 78.6% Fibonacci retracement .Fundamentals:The invasion of Ukraine by Russian forces has and will continue to keep oil prices elevated amid overarching supply constraints

Source: Tickmill

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