Micro WTI Crude Oil Futures(MCL1!),H4 Potential for Bullish Rise
Type : Bullish Rise
Resistance : 100.74
Pivot: 98.96
Support : 97.95
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 98.96 where the swing high resistance, 78.6% fibonacci projection and 78.6% fibonacci retracement are. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 100.74 where the swing high resistance, -27.2% fibonacci expansion, 127.2% fibonacci extension and 100% fibonacci projection are.
Alternative scenario: Alternatively, price could drop to the 1st support at 97.95 where the pullback support is.
Fundamentals: Due to the weakness in DXY, we have a bullish view on Crude Oil.
Resistance : 100.74
Pivot: 98.96
Support : 97.95
Preferred Case: On the H4, with prices moving within an ascending channel and above the ichimoku indicator, we have a bullish bias that price will rise to the pivot at 98.96 where the swing high resistance, 78.6% fibonacci projection and 78.6% fibonacci retracement are. Once there is upside confirmation of price breaking pivot structure, we would expect bullish momentum to carry price to 1st resistance at 100.74 where the swing high resistance, -27.2% fibonacci expansion, 127.2% fibonacci extension and 100% fibonacci projection are.
Alternative scenario: Alternatively, price could drop to the 1st support at 97.95 where the pullback support is.
Fundamentals: Due to the weakness in DXY, we have a bullish view on Crude Oil.