Crude Oil Futures (CL1!) H4 I Falling to an Overlap Support
Type:
Bullish Bounce
Key Levels:
Resistance: 74.22
Pivot: 70.43
Support: 68.31
Preferred Case:
Looking at the H4 chart, the price could fall toward an overlap support and potentially stabilize around this level before rising toward the 1st Resistance at 74.22.
Alternative Scenario:
Price may break below the Pivot at 70.43 and fall toward the 1st Support at 68.31.
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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.