Type: Bearish Reversal Key Levels:Resistance : 114.35 Pivot: 112.05 Support : 107.92 Preferred case: Prices have recently broken out of our ascending trendline support. We see the potential for a further bearish continuation from our Pivot at 113.23 in line graphical overlap and 23.6% Fibonacci retracement towards our 1st support at 112.05 in line with 38.2% Fibonacci Retracement and 127.2% Fibonacci extension. Our bearish bias is further supported by Ichimoku forecasting the bearish move. Alternative scenario: If prices were to reverse, they can potentially reach our 1st resistance at 114.35 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.
Source: Tickmill