Type: Bearish ContinuationKey Levels:Resistance: 8868Pivot: 8567Support: 8281Preferred Case:With price moving below our ichimoku cloud , we have a bearish bias that price will drop to our 1st support at 8281 in line with the 61.8% Fibonacci projection , 38.2% fibnonacci retracement, 61.8% Fibonacci retracement and horizontal swing low support from our pivot of 8567 in line with the horizontal overlap resistance.Alternative Scenario:Alternatively, price may break pivot structure and head for 1st resistance at 8868 in line with the horizontal swing high resistance, 61.8% fibonacci projection and 78.6% Fibonacci retracement .Fundamentals:With the US increasing interest rates and annual inflation in many developed economies at a all time high in four decades, the demand for oil is negatively impacted, supporting the bearish view for crude oil .
Source: Tickmill
