Type: Bearish DipKey Levels:Resistance: 100.02Pivot: 98.14Support: 90.72Preferred Case:Prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our pivot at 98.14 which is a graphical overlap and which is an area of Fibonacci confluences towards our 1st support at 90.72 in line with 100% Fibonacci Projection .Alternative Scenario:Alternatively, price may break our pivot structure and head for 1st resistance at 100.02 which is a graphical swing high and in line with 38.2% Fibonacci retracement.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
