Type : Bearish dip
Resistance : 104.56
Pivot: 102.83
Support : 98.24
Preferred case: Prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our pivot at 102.83 which is a graphical overlap and in line with 38.2% Fibonacci Retracement towards our 1st support at 98.24 in line with 61.8% Fibonacci Projection .
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 104.56 which is a graphical swing high and in line with 78.6% Fibonacci Projection.
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, supporting a bearish bias.
Resistance : 104.56
Pivot: 102.83
Support : 98.24
Preferred case: Prices are on bearish momentum and abiding by a descending trendline. We see the potential for a dip from our pivot at 102.83 which is a graphical overlap and in line with 38.2% Fibonacci Retracement towards our 1st support at 98.24 in line with 61.8% Fibonacci Projection .
Alternative scenario: Alternatively, price may break our pivot structure and head for 1st resistance at 104.56 which is a graphical swing high and in line with 78.6% Fibonacci Projection.
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, supporting a bearish bias.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.