Type: Bearish DropKey Levels:Resistance: 4.801Pivot: 4.709Support: 4.357Preferred Case:Prices are on bearish momentum. We see the potential for a further bearish continuation from our Pivot at 4.709 in line 38.2% Fibonacci retracement towards our 1st support at 4.357 in line with 127.2% Fibonacci projection and 61.8% Fibonacci retracement. Our bearish bias is further supported prices trading below our Ichimoku clouds.Alternative Scenario:If prices were to reverse, they can potentially climb towards our 1st resistance at 4.801 which is in line with 50% Fibonacci retracement.Fundamentals:Warmer weather conditions and renewable energy sources might mean temporary setback on the commodity, however, as the countries struggles to combat with inflation globally in midst of the Moscow-Kyiv war, we might find prices continuing their rally. Technical analysis and fundamentals are in conflict, thus, we might prefer to stay on the sidelines.
Source: Tickmill
