Crude Oil Futures Futures (CL1!) H1 | Bullish Uptrend to Extend Further?
Crude Oil Futures Futures (CL1!) H1 | Bullish Uptrend to Extend Further?
Type:
Bullish Bounce
Key Levels:
Resistance: 74.93
Pivot: 73.62
Support: 72.74
Preferred Case:
Looking at the H1 chart, the price is trading close to a pullback support where it could potentially reverse to bounce higher towards the 1st Resistance at 74.93.
Alternative Scenario:
Price may break below the Pivot at 73.62 and fall towards the 1st Support at 72.74.
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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.