Type: Bullish ContinuationKey Levels:Resistance: 92.88Pivot: 88.82Support: 86.78Preferred Case:With price expected to reverse off the support of the Ichimoku cloud, we are bias that price will rise from our pivot at 88.82 in line with the 61.8% Fibonacci projection and 61.8 Fibonacci retracement level and horizontal overlap support to 1st resistance at 92.88 in line with the horizontal swing high resistance.Alternative Scenario:Price can potentially break pivot structure and dip to the support level of 86.78 in line with the horizontal swing low support and 100% Fibonacci projection levelFundamentals:Crude oil prices retreated from 7 year highs as investor weighed the resumption of Iran nuclear talks, which reignited hopes for more oil supply from the middle east country. However , it is essential to take note that US demand for crude oil continue to outpace supply thus causing a gradual increase in prices. An increase supply may cause a temporary pullback in prices. Despite that it is crucial to know as long as demand outpace supply, price will continue its uptrend.
Source: Tickmill
