Crude Oil Futures (CL1!) D1 | Rising into Multi-swing-high Resistance
Crude Oil Futures (CL1!) D1 | Rising into Multi-swing-high Resistance
Type:
Bearish Reversal
Key Levels:
Resistance: 80.26
Pivot: 77.42
Support: 73.24
Preferred Case:
Looking at the D1 chart, my overall bias for crude oil futures (CL1!) is bearish as the price rises towards a multi-swing-high resistance. It could stall around the Pivot before reversing to drop towards the 1st Support at 73.24.
Alternative Scenario:
Price may break above the Pivot at 77.42 and rise towards the 1st Resistance at 80.26.