Prices are approaching a pivot. We see the potential for a bounce from our pivot at 99.38 which is a graphical overlap and in line with 78.6% Fibonacci Projection towards our 1st resistance at 108.15 in line with 50% Fibonacci retracement .
Alternatively, price may break our pivot structure and head for 1st support at 93.88 which is a graphical swing low and in line with 61.8% Fibonacci Projection.
Biden Administration stated its intent to release around 1m bbl /day of oil from the SPR to ease the inflation situation in the country. As TA and FA are supporting conflicting news, we would ask investors to exercise prudence when trading the commodity.