Type: Bearish ReversalKey Levels:Resistance: 25.140Pivot: 25.055Support: 24.690Preferred 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 25.055 in line with 23.6% Fibonacci retracement and graphical overlap towards our 1st support at 24.690 which is an area of Fibonacci confluences. 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 25.140 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
