Type:
Bearish Dip
Key Levels:
Resistance: 25.585
Pivot: 25.345
Support: 24.860
Preferred Case:
Prices are consolidating in triangular pattern. We see the potential for a dip from our Pivot at 25.345 in line with 100% Fibonacci Projection towards our 1st support at 24.860 in line with 78.6% Fibonacci retracement. Our bearish bias is support by prices trading under the Ichimoku cloud resistance.
Alternative Scenario:
If prices were to climb, they can potentially reach our 1st resistance at 25.585 in line with 100% 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.