CLJ2022(Crude Oil Futures), H4 Potential Bullish Continuation

Type: Bullish ContinuationKey Levels:Resistance: 100.61Pivot: 94.95Support: 93.84Preferred Case:Prices are on bullish momentum and abiding to our ascending channel. Price is near pivot level of 94.95 in line with 50% Fibonacci retracement level. Hence, price might potentially bounce from this pivot level to the 1st resistance level of 100.61 which is also the graphical swing high level in line with 78.6% Fibonacci retracement level. Our bullish bias is supported by the Ichimoku cloud indicator as price is trading above it.Alternative Scenario: Alternatively, price may dip to the 1st support level of 93.84 in line with 38.2% Fibonacci retracement level, along with horizontal overlap support.Fundamentals:Canada decided to ban all imports of crude oil from Russia. We might foresee that other western countries might follow suit. As fundamental and technical align, it might be a good opportunity to look into CLJ2022 Crude Oil Futures.

Source: Tickmill