CLH 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.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.