Type: Bearish DipKey Levels:Resistance: 106.47Pivot: 104.7Support: 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 104.7 which is a graphical overlap and in line with 61.8% Fibonacci Projection 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 106.47 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. As TA and FA are supporting conflicting news, we would ask investors to exercise prudence when trading the commodity
Source: Tickmill
