Type : Bearish Momentum
Resistance : 104.59
Pivot: 101.50
Support : 97.45
Preferred Case: On the H1, with price moving below the ichimoku cloud , we have a bearish bias that price will rise and drop from the pivot at 101.50 in line with the overlap resistance and 61.8% fibonacci projection to the 1st support at 97.45 where the -61.8% fibonacci expansion and swing low support are.
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 104.59 where the pullback resistance, 50% fibonacci retracement and -61.8% fibonacci expansion are.
Fundamentals: Due to marketing growing increasingly concerned over a global recession, we have a bearish view on crude oil .
Resistance : 104.59
Pivot: 101.50
Support : 97.45
Preferred Case: On the H1, with price moving below the ichimoku cloud , we have a bearish bias that price will rise and drop from the pivot at 101.50 in line with the overlap resistance and 61.8% fibonacci projection to the 1st support at 97.45 where the -61.8% fibonacci expansion and swing low support are.
Alternative scenario: Alternatively, price may break pivot structure and rise to the 1st resistance at 104.59 where the pullback resistance, 50% fibonacci retracement and -61.8% fibonacci expansion are.
Fundamentals: Due to marketing growing increasingly concerned over a global recession, we have a bearish view on crude oil .
This analysis is provided as general market commentary and does not constitute investment advice. Past performance is not indicative of future results
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.