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