Crude Oil Futures (CL1!) H4 I Potential Bullish Breakout?
Type:
Bullish Rise
Key Levels:
Resistance: 70.07
Pivot: 69.20
Support: 68.06
Preferred Case:
Looking at the H4 chart, the price is approaching the pivot where the bullish momentum could cause the price breakout this level to rise toward the 1st Resistance at 70.07
Alternative Scenario:
Price may reverse the Pivot at 69.20 and fall towards the 1st Support at 68.06
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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.