Crude Oil Futures (CL1!) H1 | Potential Bearish Breakout
Type:
Bearish Breakout
Key Levels:
Resistance: 60.02
Pivot: 57.74
Support: 54.96
Preferred Case:
Looking at the H1 chart, the price could fall toward the pivot and potentially make a bearish break through this level to fall toward the 1st Support at 54.96.
Alternative Scenario:
Price may reverse off the Pivot at 57.74 and rise toward the 1st Resistance at 60.02.
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Desmond Leong runs an award-winning research firm (The Technical Analyst finalists 2018/19/20 for Best FX and Equity Research) advising banks, brokers and hedge funds. Backed by a team of CFA, CMT, CFTe accredited traders, he takes on the market daily using a combination of technical and fundamental analysis.