Light Crude Oil Futures (CL1!), H1 Potential for Bearish drop
Type : Bearish drop
Resistance: 105.59
Pivot: 104.39
Support : 100.38
Preferred case: Price is moving nearer to the pivot level. We are expecting the price to potentially reverse off from our pivot level of 104.39 in line with 50% Fibonacci retracement towards our 1st support at 100.38 which is in line with 50% Fibonacci retracement and horizontal swing low support .
Alternative scenario: Otherwise, the price might break our pivot structure and head for the 1st resistance at 105.59 in line with the horizontal pullback resistance.
Fundamentals: After sanctions against Russia - the world's second-largest oil exporter and a vital European supplier - over its invasion of Ukraine, oil prices have been boosted by a tighter supply picture. Markets are uncertain and neutral at this current juncture.
Resistance: 105.59
Pivot: 104.39
Support : 100.38
Preferred case: Price is moving nearer to the pivot level. We are expecting the price to potentially reverse off from our pivot level of 104.39 in line with 50% Fibonacci retracement towards our 1st support at 100.38 which is in line with 50% Fibonacci retracement and horizontal swing low support .
Alternative scenario: Otherwise, the price might break our pivot structure and head for the 1st resistance at 105.59 in line with the horizontal pullback resistance.
Fundamentals: After sanctions against Russia - the world's second-largest oil exporter and a vital European supplier - over its invasion of Ukraine, oil prices have been boosted by a tighter supply picture. Markets are uncertain and neutral at this current juncture.