Crude Oil Futures (CL1!) H4 I Potential Bearish Reversal?
Type:
Bearish Reversal
Key Levels:
Resistance: 70.51
Pivot: 69.49
Support: 68.20
Preferred Case:
Looking at the H4 chart, the price is rising towards a pullback resistance where it could stall before reversing to fall lower. The bearish momentum could cause the price to drop toward the 1st Support at 68.20 aligning with a 78.6% Fibonacci retracement.
Alternative Scenario:
Price may break above the Pivot at 69.49 that aligns with the 50% Fibonacci retracement and rise towards the 1st Resistance at 70.51
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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.