Crude Oil Futures (CL1!) H4 I Potential Bullish Rise?
Type:
Bullish Bounce
Key Levels:
Resistance: 70.80
Pivot: 69.50
Support: 68.67
Preferred Case:
Looking at the H4 chart, the price is falling toward pullback support and stabilizes around this level before reversing toward the 1st resistance at 70.80 aligning with 78.6% Fibo retracement and 161.8% Fibo extension
Alternative Scenario:
Price may break below the Pivot at 69.50 and fall towards the 1st support at 68.67
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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.