Crude Oil Futures (CL1!) W1 | Downward Momentum to Extend Further?
Crude Oil Futures (CL1!) W1 | Downward Momentum to Extend Further?
Type:
Bearish Reversal
Key Levels:
Resistance: 66.26
Pivot: 61.82
Support: 52.51
Preferred Case:
Looking at the weekly chart, the price could rise toward the pivot and potentially stall around this level before reversing to fall toward the 1st Support at 52.51.
Alternative Scenario:
Price may break above the Pivot at 61.82 and rise toward the 1st Resistance at 66.26.
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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.