Type: Bearish DropKey Levels:Resistance: 108.74Pivot: 100.05Support: 94.45Preferred Case:Prices are consolidating in a triangular pattern. We see the potential for a dip from our pivot at 100.05 which is a graphical overlap and in line with an area of Fibonacci confluences towards our 1st support at 94.45 in line with 61.8% Fibonacci Projection.Alternative Scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 108.74 which is a graphical swing high and in line with 50% 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. As TA and FA are supporting conflicting news, we would ask investors to exercise prudence when trading the commodity
Source: Tickmill
