Type:
Bullish Rise
Key Levels:
Resistance: 8840
Pivot: 8529
Support: 8271
2nd support: 7791
Preferred Case:
Price is moving within the ascending trend channel and is moving above the ichimoku cloud which supports our bullish bias that price will rise from the pivot at 8529 at the overlap resistance and is in line with the 23.6% fibonacci retracement and the 61.8% fibonacci projection , to the resistance level at 8840 at the swing high.
Alternative Scenario:
Alternatively, price may drop break the pivot and drop to the 1st support at 8271 in line with 38.2% fibonacci retracements, or the 2nd pullback support at 7791, in line with 23.6% fibonacci retracement .
Fundamentals:
Oil prices are expected to continue to rise due to the Russian-Ukraine Invasion and the lack of exports of oil from Russia. As a result, we have a bullish bias.
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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.