Title
WTI H4 I Falling toward the support
Type
Bearish Reversal
Preference:
The price is rising toward the pivot level at 62.20, a pullback resistance. A reversal off this level could lead the price to fall toward the 1st support at 61.17 an overlap support that aligns close to the 78.6% Fibonacci retracement.
Alternative Scenario:
If price breaks above the pivot, it could rise toward the 1st resistance at 63.32, an overlap resistance.
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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.