WTI Crude Oil Futures (CL1!), H4 Potential Bullish Bounce
Type:
Bullish Bounce
Key Levels:
Resistance:
79.90
Pivot:
77.01
Support:
75.54
Preferred Case:
Looking at the H4 chart, my overall bias for CL1! is neutral due to the range-bound trading activity between 77.01 and 79.90 that has been in place since Wednesday 8th May. With price currently pulling back towards the pivot, there is a strong possibility of a bullish bounce to take place and drive price towards the resistance at 79.90.
Alternative Scenario:
Price may break below the pivot at 77.01 and fall towards the support level at 75.54.
Fundamentals:
API Crude Oil Stock (8:30 pm GMT 21st May)
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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.