Crude Oil Futures (CL1!) H4 | Heading into Swing-high Resistance

Type:

Bearish Reversal

Key Levels:

Resistance: 74.38

Pivot: 72.18

Support: 66.95

Preferred Case:

Looking at the H4 chart, my overall bias for crude oil futures (CL1!) is bearish due to the price approaching a swing-high resistance that aligns close to a confluence of Fibonacci levels i.e. the 61.8% retracement and the 78.6% projection. The price could stall around the Pivot before reversing to fall towards the 1st Support at 66.95.

Alternative Scenario:

Price may break above the Pivot at 72.18 and rise towards the 1st Resistance at 74.38.