Crude Oil Futures (CL1!) H1 | Bearish Downtrend to Extend Further?
Crude Oil Futures (CL1!) H1 | Bearish Downtrend to Extend Further?
Type:
Bearish Reversal
Key Levels:
Resistance: 63.90
Pivot: 60.47
Support: 52.51
Preferred Case:
Looking at the H1 chart, the price could rise toward the pivot and potentially stall around this level before reversing to fall toward the 1st Support at 52.51
Alternative Scenario:
Price may break above the Pivot at 60.47 and rise toward the 1st Resistance at 63.90.
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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.