Title
WTI H4 | Bearish Continuation
Type
Bearish Trend
Preference:
The price is currently trading below the pivot level at 74.875, signaling potential bearish momentum. A continuation of this move could drive the price towards the 1st support at 72.778, which aligns with the 61.80% Fibonacci retracement level and an overlap support zone.
Alternative Scenario:
If the price breaks above the pivot, it may rise towards the 1st resistance at 76.364, which acts as a key overlap resistance level.
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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.