Crude Oil Futures (CL1!) H4 | Pullback Resistance at 23.6% Fibonacci Retracement

Type:

Bearish Reversal

Key Levels:

Resistance: 75.31

Pivot: 73.68

Support: 71.55

Preferred Case:

Looking at the H4 chart, my overall bias for crude oil futures (CL1!) is bearish due to the presence of a bearish Ichimoku Cloud. The price could rise toward the pivot and stall around this level before reversing to fall toward the 1st Support at 71.55.

Alternative Scenario:

Price may break above the pivot at 73.68 and rise towards the 1st Resistance level a 75.31.