Type:
Bearish Reversal
Key Levels:
Resistance: 69714
Pivot: 69237
Support: 67255
Preferred Case:
Prices have recently bounced off a pivot and are on bearish momentum We see the potential for further bearish continuation from our Pivot at 69237 in line with 38.2% Fibonacci retracement and graphical overlap towards our 1st support at 67255 in line with 38.2% Fibonacci Retracement. Our bearish bias is further supported by prices trading below our Ichimoku.
Alternative Scenario:
If prices were to reverse, they can potentially reach our 1st resistance at 69714 which is the next swing high.
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.