Type: Bearish MomentumKey Levels:Resistance: 105.23Pivot: 101.59Support: 95.13Preferred Case:On the H4, with price moving below the ichimoku cloud and within the descending channel , we have a bearish bias that price will drop from the pivot at 101.59 in line with the pullback support to the 1st support at 95.13 where the 61.8% fibonacci projection and swing low support are.Alternative Scenario:Alternatively, price may break rise to the 1st resistance at 105.23 where the swing high resistance and 100% fibonacci projection are.Fundamentals:Due to the fears of a recession in the United States, we have a bearish view on crude oil.
from Tickmill Expert Blog - Forex Traders Blog https://www.tickmill.com/blog/light-crude-oil-futures-cl1-h4-potential-for-bearish-drop"
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