Type:
Bullish Rise
Key Levels:
Resistance: 9999
Pivot: 9410
Support: 9124
Preferred Case:
On the H1, price is moving above the ichimoku cloud and within the ascending channel which supports our bullish bias that price will rise from the pivot at 9410 where the swing low support and 23.6% fibonacci retracement are to the 1st resistance at 9999 in line with the swing high resistance and 161.8% fibonacci extension .
Alternative Scenario:
Alternatively, price may break pivot structure and drop to the 1st support at 9124 in line with the overlap support, 23.6% fibonacci retracement and 50% fibonacci retracement .
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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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.