Type:
Bullish Continuation
Key Levels:
Resistance: 100
Pivot: 94.92
Support: 92.97
Preferred Case:
Price is near pivot level of 94.92 in line with 50% fibonacci retracement. Price might potentially bounce from this pivot level to the resistance level of 100 which is also the graphical swing high level in line with 100% fibonacci projection 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 support level of 92.97 in line with 61.8% fibonacci retracement and 61.8% fibonacci projection.
Fundamentals:
As sanctions implemented by US and her allies continue to increase , the fear of an impeding energy crisis continue to plague the market. Price can potentially continue its uptrend as long as fear and uncertainty persist. As fundamentals and technicals align, it might be a good opportunity to look into CL1!
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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.