Crude Oil Futures (CL1!) H4 | Potential Bearish Breakout

Type:

Bearish Breakout

Key Levels:

Resistance: 70.32

Pivot: 68.73

Support: 66.63

Preferred Case:

Looking at the H4 chart, my overall bias for crude oil futures (CL1!) is bearish due to the price trading under the descending trendline and the presence of the bearish Ichimoku Cloud. The price could drop below the Pivot and fall towards the 1st Support at 66.63.

Alternative Scenario:

Price may break above the Pivot at 68.73 and rise towards the 1st Resistance at 70.32.