Type:
Bearish Reversal
Key Levels:
Resistance : 1975.7
Pivot: 1965.9
Support : 19938.3
Preferred case:
Prices have bounced off a Pivot. We see the potential for further bearish continuation from our Pivot at 112.05 in line graphical overlap and area of Fibonacci confluences towards our 1st support at 1938.3 in line with 50% Fibonacci Retracement. Our bearish bias is further supported by MacD forecasting the bearish move.
Alternative scenario:
If prices were to reverse, they can potentially reach our 1st resistance at 1975.7 in line with 161.8% Fibonacci projection.
Fundamentals:
With inflation still being an issue in the west and stalemate circumstances in the Russo-Ukraine crisis, we might still expect bullish upside on the commodity.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.