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