Type:
Bullish Bounce
Key Levels:
Resistance: 25.605
Pivot: 24.875
Support: 24.550
Preferred Case:
Prices are are on bullish momentum. We see the potential for a further bullish continuation from our Pivot at 24.875 in line with 78.6% Fibonacci retracement towards our 1st resistance at 25.605 in line which is an area of 127.2% Fibonacci Projection. Our bullish bias is further supported by RSI being close to oversold levels.
Alternative Scenario:
If prices were to dip, they can potentially reach our 1st support at 24.550 in line with 61.8% 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.