Crude Oil Futures (CL1!) D1 | Approaching Multi-swing-low Support
Type:
Bullish Bounce
Key Levels:
Resistance: 72.34
Pivot: 67.19
Support: 65.75
Preferred Case:
Looking at the D1 chart, the price is falling towards a multi-swing-low support where it could stabilize before reversing to bounce higher. The bullish momentum could cause the price to rise towards the 1st Resistance at 72.34.
Alternative Scenario:
Price may break below the Pivot at 67.19 and fall towards the 1st Support at 65.75.
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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.