CrudeOil Futures ( CRUDEOIL1! ), H4 Potential for Bearish Drop
Title: CrudeOil Futures ( CRUDEOIL1! ), H4 Potential for Bearish Drop
Type: Bearish Drop
Resistance: 7676
Pivot: 6764
Support: 5832
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing below the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly continue heading towards the support at 5832, where the previous swing low is.
Alternative scenario: Price may possibly head back up to retest the pivot at 6764, where the 50% Fibonacci line is.
Fundamentals: There are no major news.
Type: Bearish Drop
Resistance: 7676
Pivot: 6764
Support: 5832
Preferred case: On the H4 chart, we have a bearish bias. To add confluence to this, price is crossing below the Ichimoku cloud which indicates a bearish market. If this bearish momentum continues, expect price to possibly continue heading towards the support at 5832, where the previous swing low is.
Alternative scenario: Price may possibly head back up to retest the pivot at 6764, where the 50% Fibonacci line is.
Fundamentals: There are no major news.