Crude Oil Futures (CL1!), H4 Rising toward Pullback Resistance
Type:
Bearish Reversal
Key Levels:
Resistance: 82.83
Pivot: 81.79
Support: 80.55
Preferred Case:
Looking at the H4 chart, my overall bias for Crude Oil futures (CL1!) is neutral with a possibility of this commodity fluctuating between the pivot and the support. With price rising towards the pivot, it could stall around this level before potentially reversing to drop lower towards the 1st support.
Alternative Scenario:
Price may break above the pivot at 81.79 and rise towards the 1st resistance level at 82.83.
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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.