Type:
Bearish Drop
Key Levels:
Resistance: 105.59
Pivot: 104.39
Support: 100.38
Preferred Case:
Price is moving nearer to the pivot level. We are expecting the price to potentially reverse off from our pivot level of 104.39 in line with 50% Fibonacci retracement towards our 1st support at 100.38 which is in line with 50% Fibonacci retracement and horizontal swing low support .
Alternative Scenario:
Otherwise, the price might break our pivot structure and head for the 1st resistance at 105.59 in line with the horizontal pullback resistance.
Fundamentals:
After sanctions against Russia - the world's second-largest oil exporter and a vital European supplier - over its invasion of Ukraine, oil prices have been boosted by a tighter supply picture. Markets are uncertain and neutral at this current juncture.
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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.