Type: Bullish ReversalKey Levels:Resistance: 25.055Pivot: 24.670Support: 24.510Preferred 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.
Source: Tickmill
