Type: Bearish DropKey Levels:Resistance: 105.59Pivot: 104.39Support: 100.38Preferred Case:Price is moving nearer to the pivot level. We are expecting the price to potentially reverse off from our pivot level of 104.39 in line with 50% Fibonacci retracement towards our 1st support at 100.38 which is in line with 50% Fibonacci retracement and horizontal swing low support .Alternative Scenario:Otherwise, the price might break our pivot structure and head for the 1st resistance at 105.59 in line with the horizontal pullback resistance.Fundamentals:After sanctions against Russia – the world’s second-largest oil exporter and a vital European supplier – over its invasion of Ukraine, oil prices have been boosted by a tighter supply picture. Markets are uncertain and neutral at this current juncture.
Source: Tickmill
