Crude Oil Futures (CL1!), H4 Falling to Overlap Support
Type:
Bullish Bounce
Key Levels:
Resistance: 79.29
Pivot: 76.17
Support: 75.08
Preferred Case:
Looking at the H4 chart, my overall bias for Crude Oil futures (CL1!) is bullish due to the strong uptrend since the beginning of June. With price currently pulling back towards the pivot, there is a strong possibility of a bullish bounce that could take place and push price towards the resistance at 79.29.
Alternative Scenario:
Price may break below the pivot at 76.17 and fall towards the support level at 75.08.
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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.