Crude Oil Futures (CL1!) H4 | Falling to an overlap support
Type:
Bearish Reversal
Key Levels:
Resistance: 70.26
Pivot: 68.43
Support: 66.94
Preferred Case:
Looking at the H4 chart, the price could rise towards a pullback resistance that aligns with the 61.8% Fibonacci retracement and stall around this level before reversing to fall toward the 1st Support at 66.94.
Alternative Scenario:
Price may break above the Pivot at 68.43 and rise toward the 1st resistance at 70.26
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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.