Title
Potential Bullish Breakout for Crude
Type
Bullish Breakout
Preference:
Price is rising towards the pivot point of 85.00 which is a potential breakout level and could climb higher from here; we could see momentum carry price up to its 1st resistance at 86.29 which is a pullback resistance that aligns close to the 78.6% Fibonacci projection level.
Alternative scenario:
If price reverses from the pivot point, it could hit the 1st support at 83.96 which is a pullback support level.
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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.