Crude Oil Futures (CL1!) H4 | Rising into Overlap Resistance
Type:
Bearish Reversal
Key Levels:
Resistance: 71.44
Pivot: 70.51
Support: 68.45
Preferred Case:
Looking at the H4 chart, the price is rising toward an overlap resistance where it could potentially reverse to fall lower towards the 1st Support at 68.45.
Alternative Scenario:
Price may break above the Pivot at 70.51 and rise towards the 1st Resistance at 71.44.
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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.