Type : Bearish drop Resistance: 105.59 Pivot: 104.39 Support : 100.38 Preferred case: Price is moving nearer to the pivot level. We are expecting the price to potentially reverse off from our pivot level of 104.39 in line with 50% Fibonacci retracement towards our 1st support at 100.38 which is in line with 50% Fibonacci retracement and horizontal swing low support .
Alternative scenario: Otherwise, the price might break our pivot structure and head for the 1st resistance at 105.59 in line with the horizontal pullback resistance.
Fundamentals: After sanctions against Russia - the world's second-largest oil exporter and a vital European supplier - over its invasion of Ukraine, oil prices have been boosted by a tighter supply picture. Markets are uncertain and neutral at this current juncture.
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