Crude Oil Futures (CL1!) H1 | Rising into Overlap Resistance
Type:
Bearish Reversal
Key Levels:
Resistance: 71.65
Pivot: 70.97
Support: 69.80
Preferred Case:
Looking at the H1 chart, the price could rise towards an overlap resistance and stall around this level before reversing to fall toward the 1st Support at 69.80. The presence of the red Ichimoku Cloud adds further significance to the strength of the bearish momentum.
Alternative Scenario:
Price may break above the Pivot at 70.97 and rise toward the 1st resistance at 71.65
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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.