Type:
Bullish Rise
Key Levels:
Resistance: 12662.5
Pivot: 11067.9
Support: 10493.8
Preferred Case:
On the H4, with price moving within the ascending trend channel and above the ichimoku cloud , we have a bullish bias that price will rise from our pivot at 11067.9 in line with the swing low and 50% fibonacci retracement to the 1st resistance at 12662.5 in line with the 100% fibonacci projection and horizontal swing high.
Alternative Scenario:
Alternatively, price may drop from the pivot to the 1st support at 10493.8 at the swing low.
Fundamentals:
As China eases covid controls, demand for crude oil is expected to rise, thus we have a bullish view on the commodity
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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.