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

Type:

Bearish Reversal

Key Levels:

Resistance: 80.45

Pivot: 78.59

Support: 75.29

Preferred Case:

Looking at the H4 chart, my overall bias for crude oil futures (CL1!) is bearish due to the stochastic oscillator showing a potential 'overbought condition' while the presence of the red Ichimoku Cloud adds further bearish significance to the overall momentum. The price could reverse off the pivot and fall toward the 1st Support at 75.29.

Alternative Scenario:

Price may break above the pivot at 78.59 and rise towards the 1st Resistance level at 80.45.