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Type:
Bullish Bounce
Key Levels:
Resistance: 119.7
Pivot: 113.23
Support: 109.09
Preferred Case:
Prices are on bullish momentum and abiding by an ascending trendline. We see the potential for a further bullish continuation from our Pivot at 113.23 in line graphical overlap towards our 1st resistance at 119.70 in line with 100% Fibonacci Projection. Our bullish bias is further supported by RSI being on bullish momentum.
Alternative Scenario:
If prices were to dip, they can potentially reach our 1st support at 109.09 in line with 78.6% 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.