Crude Oil Futures (CL1!) H4 | Bearish Momentum to Extend Further?
Type:
Bearish Reversal
Key Levels:
Resistance: 76.37
Pivot: 74.06
Support: 71.41
Preferred Case:
Looking at the H4 chart, the price could rise toward an overlap resistance where it may stall before making a bearish reversal to fall towards the 1st Support at 71.41.
Alternative Scenario:
Price may break above the Pivot at 74.06 and rise towards the 1st Resistance at 76.37.
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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.