Title
WTI 4H | Bullish Bounce Off the support
Type
Bullish Reversal
Preference:
The price is falling toward the pivot level at 71.176, an overlap support close to the 78.6% Fibonacci retracement. A bounce off this level could drive the price toward the 1st resistance at 74.368, which aligns with the 38.20% Fibonacci retracement level and an overlap resistance zone.
Alternative Scenario:
If the price drops below the pivot, it may decline toward the 1st support at 68.792, an overlap support.
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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.