Crude Oil Futures (CL1!) H4 | Bearish Reversal in Progress
Type:
Bearish Reversal
Key Levels:
Resistance: 73.53
Pivot: 72.09
Support: 68.56
Preferred Case:
Looking at the H4 chart, the price has made a bearish reversal of an overlap resistance that aligns close to a 61.8% Fibonacci retracement. The bearish momentum could cause the price to fall towards the 1st Support at 68.56.
Alternative Scenario:
Price may break above the Pivot at 72.09 and rise towards the 1st Resistance at 73.53.
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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.