Type:
Bullish Rise
Key Levels:
Resistance: 3.8663
Pivot: 3.6472
Support: 3.5036
Preferred Case:
On the H4, with price moving above the ichimoku cloud and within the ascending channel , we have a bullish bias that price will drop and rise from the pivot at 3.6472 in line with the overlap support and 38.2% fibonacci retracement to the intermediate resistance at 3.7250 where the 127.2% fibonacci extension and overlap resistance are. Once there is upside confirmation of price breakthough of intermediate resistance, we would expect bullish momentum to carry price to the 1st resistance at 3.8663 where the swing high resistance and 78.6% fibonacci projection are.
Alternative Scenario:
Alternatively, price may break pivot structure and drop to the 1st support level at 3.5036 in line with the swing low support and 100% fibonacci projection .
Fundamentals:
Due to global supply demand issues of gasoline originating from the sanctions in place against Russia, we have a bullish view on gasoline.
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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.