Crude Oil (CL1!) H4 | Rising into Resistance

Type:

Bearish Reversal

Key Levels:

Resistance: 70.07

Pivot: 67.61

Support: 65.27

Preferred Case:

Looking at the H4 chart, my overall bias for crude oil futures (CL1!) is bearish due to the price trading within the bearish channel and also under the bearish Ichimoku Cloud. The price could rise towards the Pivot and reverse off this level to fall towards the 1st Support at 65.27.

Alternative Scenario:

Price may break above the Pivot at 67.61 and rise towards the 1st Resistance at 70.07.