Type:
Bearish Momentum
Key Levels:
Resistance: 105.23
Pivot: 101.59
Support: 95.13
Preferred Case:
On the H4, with price moving below the ichimoku cloud and within the descending channel , we have a bearish bias that price will drop from the pivot at 101.59 in line with the pullback support to the 1st support at 95.13 where the 61.8% fibonacci projection and swing low support are.
Alternative Scenario:
Alternatively, price may break rise to the 1st resistance at 105.23 where the swing high resistance and 100% fibonacci projection are.
Fundamentals:
Due to the fears of a recession in the United States, we have a bearish 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.