Crude Oil Futures (CL1!) | H4 Heading into Pullback Resistance
Crude Oil Futures (CL1!) | H4 Heading into Pullback Resistance
Type:
Bearish Reversal
Key Levels:
Resistance: 77.04
Pivot: 74.84
Support: 71.85
Preferred Case:
Looking at the H4 chart, my overall bias for crude oil futures (CL1!) is bearish due to the price trading under the bearish Ichimoku Cloud. The price could make a reversal off the pivot and fall toward the 1st Support at 71.85.
Alternative Scenario:
Price may break above the pivot at 74.84 and rise towards the 1st Resistance level at 77.04.