Crude Oil Futures (CL1!) H1 | Potential Bearish Breakout?
Type:
Bearish Breakout
Key Levels:
Resistance: 75.11
Pivot: 73.52
Support: 71.41
Preferred Case:
Looking at the H1 chart, the price is falling towards the Pivot, which is a potential breakout level, where the bearish momentum could drive the price to fall towards the 1st Support at 71.41.
Alternative Scenario:
Price may reverse off the Pivot at 73.52 and rise towards the 1st Resistance at 75.11
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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.