Crude Oil Futures (CL1!) H1 | Intense Bearish Momentum

Type:

Bearish Reversal

Key Levels:

Resistance: 68.47

Pivot: 67.58

Support: 66.23

Preferred Case:

Looking at the H1 chart, my overall bias for crude oil futures (CL1!) is bearish due to the price trading within a bearish channel while remaining under the bearish Ichimoku Cloud. The price could reverse off the Pivot and fall towards the 1st Support at 66.23

Alternative Scenario:

Price may break above the Pivot at 67.58 and rise towards the 1st Resistance at 68.47.