Type:
Bearish Drop
Key Levels:
Resistance: 372
Pivot: 363.9
Support: 332
Preferred Case:
We see the potential for a further bearish drop from our Pivot at 363.9 in line swing high resistance towards our 1st support at 332 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 372 which is in line with 100% Fibonacci projection
Fundamentals:
Warmer weather conditions and renewable energy sources might mean temporary setback on the commodities
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.