Crude Oil Futures (CL1!) H4 | Falling to Overlap Support
Type:
Bullish Reversal
Key Levels:
Resistance: 77.55
Pivot: 74.22
Support: 72.18
Preferred Case:
Looking at the H4 chart, my overall bias for crude oil futures (CL1!) is bullish as the price falls towards an overlap support that intersects with an ascending trendline. It could stabilize around the Pivot once more before reversing to bounce towards the 1st Resistance at 77.55.
Alternative Scenario:
Price may break below the Pivot at 74.22 and fall towards the 1st Support at 72.18.
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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.