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Light crude oil Futures ( CL1! ), H4 Potential for further dips

Type : Bearish dip
Resistance : 104.56
Pivot: 102.83
Support : 98.24
Preferred case: Prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our pivot at 102.83 which is a graphical overlap and in line with 38.2% Fibonacci Retracement towards our 1st support at 98.24 in line with 61.8% Fibonacci Projection .
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 104.56 which is a graphical swing high and in line with 78.6% Fibonacci Projection.
Fundamentals: Biden Administration stated its intent to release around 1m bbl /day of oil from the SPR to ease the inflation situation in the country, supporting a bearish bias.
Resistance : 104.56
Pivot: 102.83
Support : 98.24
Preferred case: Prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our pivot at 102.83 which is a graphical overlap and in line with 38.2% Fibonacci Retracement towards our 1st support at 98.24 in line with 61.8% Fibonacci Projection .
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 104.56 which is a graphical swing high and in line with 78.6% Fibonacci Projection.
Fundamentals: Biden Administration stated its intent to release around 1m bbl /day of oil from the SPR to ease the inflation situation in the country, supporting a bearish bias.
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.