CLH2022 Potential for Bullish continuation
Title : GC1! H4 | Potential for bullish continuation!
Type : Bullish continuation
Resistance : 101.2
Pivot: 91.06
Support : 1904.5
Preferred case: Prices have been on bullish momentum. We see the potential for further bullish consolidation from our Pivot at 91.06 in line with 50% Fibonacci retracement towards our 1st resistance at 101.2 in line with 200% Fibonacci Projection and 200% Fibonacci expansion. Our bullish bias is further supported prices trading above our ichimoku cloud support.
Alternative scenario: If prices were to reverse, they can potentially dip towards our 1st support at 1904.5 which is a graphical overlap support and in line with 78.6% Fibonacci retracement.
Fundamentals: The invasion of Ukraine by Russian forces has and will continue to keep oil prices elevated amid overarching supply constraints.
Type : Bullish continuation
Resistance : 101.2
Pivot: 91.06
Support : 1904.5
Preferred case: Prices have been on bullish momentum. We see the potential for further bullish consolidation from our Pivot at 91.06 in line with 50% Fibonacci retracement towards our 1st resistance at 101.2 in line with 200% Fibonacci Projection and 200% Fibonacci expansion. Our bullish bias is further supported prices trading above our ichimoku cloud support.
Alternative scenario: If prices were to reverse, they can potentially dip towards our 1st support at 1904.5 which is a graphical overlap support and in line with 78.6% Fibonacci retracement.
Fundamentals: The invasion of Ukraine by Russian forces has and will continue to keep oil prices elevated amid overarching supply constraints.