Crude Oil Futures (CL1!) D1 | Potential Bearish Reversal

Type:

Bearish Reversal

Key Levels:

Resistance: 75.91

Pivot: 71.79

Support: 65.75

Preferred Case:

Looking at the D1 chart, my overall bias for crude oil futures (CL1!) is bearish due to the price reaching a key resistance barrier - the presence of a descending trendline and the bearish Ichimoku cloud add further significance to the bearish downtrend. The price could reverse off the Pivot and fall towards the 1st Support at 65.75.

Alternative Scenario:

Price may break above the Pivot at 71.79 and rise towards the 1st Resistance at 75.91.