Crude Oil (CL1!) | H4 Potential Bullish Bounce
Type:
Bullish Bounce
Key Levels:
Resistance: 84.38
Pivot: 80.97
Support: 79.29
Preferred Case:
Looking at the H4 chart, my overall bias for Crude Oil futures (CL1!) is bullish due to the price remaining elevated above $80 per barrel. The price could fall towards the pivot and potentially make a bullish bounce to rise towards the 1st resistance.
Alternative Scenario:
Price may fall below the pivot at 80.97 and drop towards the 1st support level at 79.29.
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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.