Genesiv

CLH H4 | Potential for bullish continuation!

Long
NYMEX:CLJ2022   CRUDE OIL FUTURES (APR 2022)
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.
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