Crude Oil Futures (CL1!) H4 I Heading into a Pullback Resistance
Type:
Bearish Reversal
Key Levels:
Resistance: 70.92
Pivot: 67.51
Support: 60.99
Preferred Case:
Looking at the H4 chart, the price is rising toward the pivot and could potentially make a bearish reversal off this level before falling toward the 1st Support at 60.99.
Alternative Scenario:
Price may break above the Pivot at 67.51 and rise toward the 1st Resistance at 70.92.
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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.