Title
WTI H4| Fibonacci Confluence
Type
Bearish Reversal
Preference:
The price is currently at our pivot level of 78.04, which coincides with an overlap resistance, the 50% Fibonacci retracement, and the 78.6% Fibonacci projection. If it drops, 1st support level is at 74.77, which also aligns with the 50% Fibonacci retracement
Alternative scenario:
On the other hand, if price were to break above the pivot, it could push up to 1st resistance at 80.365
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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.