Crude Oil (CL1!) | H4 Approaching Overlap Support
Type:
Bullish Bounce
Key Levels:
Resistance: 84.52
Pivot: 82.61
Support: 80.97
Preferred Case:
Looking at the H4 chart, my overall bias for Crude Oil futures (CL1!) is bullish as this commodity trades above the bullish Ichimoku cloud. With price falling towards the pivot, it could potentially stabilize around this level before reversing to bounce higher to resume the uptrend towards the 1st resistance.
Alternative Scenario:
Price may break below the pivot at 82.61 and fall towards the 1st support level at 80.97.
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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.