Type : Bearish Momentum Resistance : 98.38 Pivot: 95.18 Support : 90.69
Preferred Case: On the H4, with price moving below the ichimoku cloud and within the descending channel, we have a bearish bias that price will drop to the pivot at 95.18 where the overlap support is. Once there is downside confirmation of price breaking pivot structure, we would expect bearish momentum to carry price to 1st support at 90.69 in line with swing low support and 78.6% fibonacci projection.
Alternative scenario: Alternatively, price may rise to the 1st resistance at 98.38 where the pullback resistance, 78.6% fibonacci projection and 50% fibonacci retracement are.
Fundamentals: Due to the uncertainty over the German gas crisis and supply constraint of oil, we have a bullish bias on oil. We'll need to exercise caution for this setup because our fundamentals and technicals are not completely aligned.