Type: Bullish BounceKey Levels:Resistance: 119.7Pivot: 113.23Support: 109.09Preferred Case:Prices are on bullish momentum and abiding by an ascending trendline. We see the potential for a further bullish continuation from our Pivot at 113.23 in line graphical overlap towards our 1st resistance at 119.70 in line with 100% Fibonacci Projection. Our bullish bias is further supported by RSI being on bullish momentum.Alternative Scenario:If prices were to dip, they can potentially reach our 1st support at 109.09 in line with 78.6% Fibonacci projection.Fundamentals: With inflation still being an issue in the west and stalemate circumstances in the Russo-Ukraine crisis, we might still expect bullish upside on the commodity.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/light-crude-oil-futures-cl-h1-potential-for-bounce24"
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