Crude Oil Futures (CL1!) H1 | Heading into Overlap Resistance
Type:
Bearish Reversal
Key Levels:
Resistance: 72.39
Pivot: 72.02
Support: 70.64
Preferred Case:
Looking at the H1 chart, the price is rising towards an overlap resistance where it could stall before reversing to fall lower toward the 1st Support at 70.64.
Alternative Scenario:
Price may break above the Pivot at 72.02 and rise towards the 1st Resistance at 72.39.
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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.