Type: Bearish ReversalKey Levels:Resistance: 69714Pivot: 69237Support: 67255Preferred Case:Prices have recently bounced off a pivot and are on bearish momentum We see the potential for further bearish continuation from our Pivot at 69237 in line with 38.2% Fibonacci retracement and graphical overlap towards our 1st support at 67255 in line with 38.2% Fibonacci Retracement. Our bearish bias is further supported by prices trading below our Ichimoku.Alternative Scenario:If prices were to reverse, they can potentially reach our 1st resistance at 69714 which is the next swing high.Fundamentals: With inflation still being an issue in the west and stalemate circumstances in the Russo-Ukraine crisis, we might still expect bullish upside on the commodity.
Source: Tickmill