Crude Oil Futures (CL1!) H1 | Pullback Support at 50% Fibonacci Retracement
Crude Oil Futures (CL1!) H1 | Pullback Support at 50% Fibonacci Retracement
Type:
Bullish Bounce
Key Levels:
Resistance: 67.60
Pivot: 65.68
Support: 64.99
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 67.60.
Alternative Scenario:
Price may break below the Pivot at 65.68 and fall toward the 1st Support at 64.99.
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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.