Type:
Bullish Continuation
Key Levels:
Resistance: 100.61
Pivot: 94.95
Support: 93.84
Preferred Case:
Prices are on bullish momentum and abiding to our ascending channel. Price is near pivot level of 94.95 in line with 50% Fibonacci retracement level. Hence, price might potentially bounce from this pivot level to the 1st resistance level of 100.61 which is also the graphical swing high level in line with 78.6% Fibonacci retracement level. Our bullish bias is supported by the Ichimoku cloud indicator as price is trading above it.
Alternative Scenario:
Alternatively, price may dip to the 1st support level of 93.84 in line with 38.2% Fibonacci retracement level, along with horizontal overlap support.
Fundamentals:
Canada decided to ban all imports of crude oil from Russia. We might foresee that other western countries might follow suit. As fundamental and technical align, it might be a good opportunity to look into CLJ2022 Crude Oil Futures.
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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.