Crude Oil Futures (CL1!) H4 | Overlap Resistance at 23.6% Fibonacci Retracement
Crude Oil Futures (CL1!) H4 | Overlap Resistance at 23.6% Fibonacci Retracement
Type:
Bearish Reversal
Key Levels:
Resistance: 69.26
Pivot: 68.49
Support: 66.84
Preferred Case:
Looking at the H4 chart, the price could rise towards a pullback resistance and stall around this level before reversing to fall toward the 1st Support at 66.84. The presence of a red Ichimoku Cloud adds further significance to the strength of the bearish momentum.
Alternative Scenario:
Price may break above the Pivot at 68.49 and rise toward the 1st resistance at 69.26.
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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.