Brent Crude Futures (BRN1!) H4 | Potential Bearish Reversal
Type:
Bearish Reversal
Key Levels:
Resistance: 76.64
Pivot: 75.55
Support: 72.59
Preferred Case:
Looking at the H4 chart, my overall bias for brent crude futures (BRN1!) is bearish as the price trades in a strong downtrend. It could rise towards the Pivot and stall around this level before reversing to drop towards the 1st Support at 72.59.
Alternative Scenario:
Price may break above the Pivot at 75.55 and rise towards the 1st Resistance at 76.64.
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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.