Title
WTI H4| Bullish Continuation
Type
Bullish Reversal
Preference:
The price is falling toward the pivot level at 71.554, a pullback support that aligns with the 50% Fibonacci retracement suggesting bullish momentum. A bounce from this level may rise toward the 1st resistance at 73.749, an overlap resistance.
Alternative Scenario:
If the price drops below the pivot level, it could fall toward the 1st support at 70.305, an overlap 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.