Type: Bearish DipKey Levels:Resistance: 104.56Pivot: 102.83Support: 98.24Preferred Case:Prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our pivot at 102.83 which is a graphical overlap and in line with 38.2% Fibonacci Retracement towards our 1st support at 98.24 in line with 61.8% Fibonacci Projection .Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st resistance at 104.56 which is a graphical swing high and in line with 78.6% Fibonacci Projection .Fundamentals:Biden Administration stated its intent to release around 1m bbl /day of oil from the SPR to ease the inflation situation in the country, supporting a bearish bias.
Source: Tickmill
