Crude Oil (CL1!) H4 | Approaching Overlap Support
Type:
Bullish Bounce
Key Levels:
Resistance: 72.67
Pivot: 70.41
Support: 69.60
Preferred Case:
Looking at the H4 chart, the price is falling towards an overlap support where it could potentially make a bullish bounce off this level to rise towards the 1st Resistance at 72.67.
Alternative Scenario:
Price may break below the Pivot at 70.41 and fall towards the 1st Support at 69.60.
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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.