Type:
Bullish Rise
Key Levels:
Resistance: 9976
Pivot: 9202
|Support: 9124
Preferred Case:
On the H4, with price moving above the icihimoku cloud and within the ascending trend channel, we have a bullish bias that price will rise from the pivot at 9202 in line with the 78.6% fibonacci projection to the 1st resistance at 9976 at the horizontal swing high.
Alternative Scenario:
Alternatively, price may drop from the pivot to the 1st overlap support at 8668 in line with the 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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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.