Title
BCOUSD H4 | Resistance overhead
Type
Bearish Reversal
Preference:
Price is approaching the pivot point of 77.969 and could potentially reverse from here, we could see momentum carry price down to its 1st support of 73.523.
Alternative scenario:
If price breaks above the pivot point, it could hit the 1st resistance of 80.786.
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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.