Type: Bearish ReversalKey Levels:Resistance: 25.140Pivot: 25.055Support: 24.690Preferred Case:Prices have recently broken out of our ascending trendline support and are on bearish momentum. We see the potential for further bearish continuation from our Pivot at 25.055 which is a graphical overlap towards our 1st support at 24.690 in line with 38.2% Fibonacci retracement. Prices testing the upper ends of our donchian channel.Alternative Scenario:If prices were to reverse, they can potentially reach our 1st resistance at 25.115 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