Type:
Bullish Rise
Key Levels:
Resistance: 123.56
Pivot: 113.13
Support: 106.65
Preferred Case:
On the H4, with price recently breaking the descending trendline, we have a bullish bias that price will continue to rise from the pivot at 113.13 at the pullback support in line with the 38.2% fibonacci retracement to the 1st resistance at 123.56 at the horizontal swing high in line with the 100% fibonacci projection.
Alternative Scenario:
Alternatively, price could reverse off the pivot and drop to 1st support at 106.65 in line with the pullback support.
Fundamentals:
Recent G7 developments call for a price ceiling on Russian oil and a set price for Russian gas. By doing this, it might be possible to lessen the effects of future energy price rises. However, because of the sanctions' impact on Russian oil output and increased uncertainty, Brent and WTI are anticipated to trade higher. This gives us a weak bullish view on 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.