Type: Bearish MomentumKey Levels:Resistance: 8886Pivot: 8788Support: 8454Preferred Case:On the H1, price is moving below the ichimoku cloud and breaking from the ascending channel which supports bearish bias that price will drop from our pivot at 8788 in line with the pullback resistance to the 1st support at 8454 in line with the swing low support, 161.8% fibonacci extension and 78.6% fibonacci retracement .Alternative Scenario:Alternatively, price may break through pivot structure and rise to the 1st resistance level at 8886 in line with the pullback resistance.Fundamentals:Due to the Russian-Ukraine invasion and a shortage of oil shipments from Russia, oil prices are projected to continue to increase. As a result, we’ve adopted a bullish stance.
Source: Tickmill
