Crude Oil Futures (CL1!) H1 | Potential Bounce off a Multi-swing-low Support
Crude Oil Futures (CL1!) H1 | Potential Bounce off a Multi-swing-low Support
Type:
Bullish Bounce
Key Levels:
Resistance: 77.62
Pivot: 71.79
Support: 69.03
Preferred Case:
Looking at the H1 chart, the price could fall toward the pivot and potentially reverse off this level before rallying toward the 1st Resistance at 77.62.
Alternative Scenario:
Price may break below the Pivot at 71.79 and fall toward the 1st Support at 69.03.
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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.