Type: Bullish RiseKey Levels:Resistance: 9976Pivot: 9202|Support: 9124Preferred Case:On the H4, with price moving above the icihimoku cloud and within the ascending trend channel, we have a bullish bias that price will rise from the pivot at 9202 in line with the 78.6% fibonacci projection to the 1st resistance at 9976 at the horizontal swing high.Alternative Scenario:Alternatively, price may drop from the pivot to the 1st overlap support at 8668 in line with the 78.6% fibonacci projection .Fundamentals:The worries over a recession in the US and the ongoing Covid-19 situation in China are likely to balance the supply-side constraints faced by oil producers, resulting in a mixed bias for crude oil .
Source: Tickmill
