CRUDE OIL FUTURES (CRUDEOIL1!), H1 Potential for Bearish Drop
Type : Bearish Drop
Resistance : 8811
Pivot: 8648
Support : 7989
Preferred Case: On the H1, price is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 8648 in line with the pullback resistance and 23.6% fibonacci retracement to the 1st support at 7989 in line with the overlap support and 161.8% fibonacci extension .
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 8811 in line with the pullback resistance, 38.2% fibonacci retracement and 78.6% fibonacci projection .
Fundamentals: The worries over a recession in the US and the ongoing Covid-19 situation in China are likely to balance the supply-side constraints faced by oil producers, resulting in a mixed bias for crude oil .
Resistance : 8811
Pivot: 8648
Support : 7989
Preferred Case: On the H1, price is moving below the ichimoku cloud which supports our bearish bias that price will drop from our pivot at 8648 in line with the pullback resistance and 23.6% fibonacci retracement to the 1st support at 7989 in line with the overlap support and 161.8% fibonacci extension .
Alternative scenario: Alternatively, price may break through pivot structure and rise to the 1st resistance level at 8811 in line with the pullback resistance, 38.2% fibonacci retracement and 78.6% fibonacci projection .
Fundamentals: The worries over a recession in the US and the ongoing Covid-19 situation in China are likely to balance the supply-side constraints faced by oil producers, resulting in a mixed bias for crude oil .
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