Type:
Bullish Reversal
Key Levels:
Resistance: 25.055
Pivot: 24.670
Support: 24.510
Preferred Case:
Prices have bounced off We see the potential for further bearish continuation from our Pivot at 24.670 which is a graphical swing low towards our 1st resistance at 25.055 in line with 61.8% Fibonacci retracement. Prices are trading above our Ichimoku cloud support, further supporting our bullish bias.
Alternative Scenario:
If prices were to reverse, they can potentially reach our 1st support at 24.510 which is in line with 61.8% Fibonacci retracement.
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.